Malta’s XDAT launches Bullwhip Movement

(source: Unsplash/Stanislaw Zarychta)

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Malta-based cryptocurrency trading exchange XDAT unveiled the launch of the so-called Bullwhip Movement to create one of the “world’s largest incentivised crypto community”, according to a press statement sent to Business Malta.

With their initiative, XDAT aspires to create a new wave of cryptocurrency adoption among users. “A bullwhip initiates a ripple effect, and in XDAT’s case this would be the first step towards achieving their vision of ‘Crypto for All’,” the company says.

XDAT’s new movement wishes to build a community where users earn while trading. If a user, for example, becomes a “Node” and helps XDAT propagate the movement by adding new users through their referral link, they will receive Community Token (XCTY) when they achieve €1,000 cumulative trading from their referred users, in return for their participation. A “Node” can earn incentives of up to €2,000 through KYC [know-your-customer] and transaction incentives, by encouraging participation on the platform.

“In this bearish market, crypto needs as many ambassadors as we can gather to increase participation in this space,” said Prashanth Swaminathan, Founder and CEO of XDAT. “To manifest this belief, XDAT is investing over €1m to create the world’s largest inclusive crypto ecosystem. Through this initiative, we want to create a positive wave that leads to an amplified nature of adoption and trading,” he added.

XDAT stands for Exchange of Digital Assets with Trust, a global cryptocurrency trading exchange that allows users to transact fiat-to-crypto-to-fiat and also crypto-to-crypto. Based in Malta, XDAT hosts bitcoin, ether, litecoin, ether classic, bitcoin cash, EOS, ripple, dash, TrueUSD, and euro. XDAT is the creation of Prashanth Swaminathan, an investment banker who spent over a decade with Morgan Stanley London.