Yesterday we at Bitrue announced the launch of our new token - Bitrue Finance Token. Just like with every announcement we have ever made, immediately afterwards I was glued to my phone so that I could read the responses of the community that has been supporting us for the past two years. I saw all of the complaints, worries and grievances that you were sharing with us.
Many of you were worrying that this new token would negatively impact the investments that you had made in our existing token, BTR. My team and I all have a financial stake in seeing the value of BTR grow, and we believe that our plan to launch a second token does not harm the value of BTR. On the contrary, we believe that these two tokens will in fact help each other flourish and reach new heights. Please allow me to share my thoughts on why I believe this to be true.
Bitrue launched as a simple cryptocurrency exchange in July 2018, already somewhat late to the game. Over the past two years we built our platform up from scratch to become a platform with a userbase exceeding 1.6 million users spread over 175 countries. Over $640 million in user assets are currently on the platform, and we've distributed over $18 million in interest payments. We gradually added services, coins, pairs and features that the users asked us for, and we now actively cooperate with over 250 other crypto-based companies who are all trying to build up this industry together. Most importantly, we were the first exchange to identify a demand from customers for a cryptocurrency-based investment service - a service that had traditionally been offered by banks with fiat currencies, but had been cut away worldwide to fuel corporate greed.
The Power Piggy was created as a product completely independent from the existing exchange services, designed for customers who had idle assets sitting on the exchange. Over time, we noticed that the Power Piggy had become the main attraction for a sizeable number of new users joining Bitrue. Users who had no interest in trading, for they had already decided on the coins that they were backing, and were simply looking for a way to get more of their favorite coins. For some of these users, the allure of a significant market shift in a coin they had been eyeing up previously proved to be irresistible, and they joined in with trading. They appreciated the ability to move their funds out of the Power Piggy feature, and into the exchange feature. The products had synergy with each other, with each one creating exposure and fueling a desire to use the other, leading to rapid growth in both.
Now in 2020, it has become DeFi's turn to explode in popularity. We are more certain than ever that crypto wealth management & lending in this area is the wave of the future, but once again we find ourselves slightly behind the curve. In order to speed up the growth of the suite of products that we refer to as Bitrue Financial Services (loans, credit cards, and Power Piggy), we have decided to split it off and regard them as features completely distinct from the exchange. Our goal is to turn them into the best financial services in the industry within one year - an ambitious goal that requires significant expertise and hard work from our team members. It requires us to bring people with new expertises into our team, to update our technology, and update our business models. The addition of features like expanded loans and credit cards are required for us to thrive and create a more dynamic ecosystem. Backing these new features is BFT, which is dedicated to serving the needs of these financial services. At the same time, the exchange that serves as the foundation of our platform will continue to be upgraded with new features. We'll keep improving our fiat off-ramps, while also launching new capabilities such as margin trading, perpetual contracts, and other derivative products.
We don't believe that the Bitrue community should worry about BTR being left behind even when Bitrue Financial Services grows. Just like Power Piggy and the exchange synergized with each other in the past, BFT and BTR will synergize with each other. Users who wish to receive a loan will also be enticed to trade and hold BTR, while users who wish to trade will also be enticed to participate in upcoming yield farming activities and hold BFT. Each side will reciprocate benefits to the other.
Two years ago we were just a small crypto exchange. Today we are a comprehensive cryptocurrency platform that covers both trading and financial services. We were able to achieve this through a singular belief - that blockchain is a fundamental innovation that will first change finance before expanding to revolutionize law, medicine, politics, and other far-reaching aspects of society, in exactly the same way the internet has been changing lives for the last 30 years. Thank you to our customers for your long term trust and support, and for sharing your thoughts with us regarding BFT. I want you all to know that anything that we do comes from an intention of best servicing our customers, and with a goal of improving Bitrue. It's only when we innovate and reach new heights that we can truly pay back our customers trust with dividends.
CEO of Bitrue