Cryptocurrency Multi Wallets Are Shutting Down At A Rapid Pase
Everybody knows that storing crypto assets on an exchange is not ideal, thus many turn to alternative safe havens for their crypto. The most prominent one being the multiwallet usually ran on mobile for simplicity and really it seems to be the most common way to store crypto.
During the year 2020 many saw a clear demise in multiwallets due to their poor business model which almost all of them used. Most multiwallets have followed the same route as exchanges and chose to accept payments for simply listing coins/tokens.
This model has proven not to work and only the biggest wallets which are backed by large funding are able to uphold a quality wallet. As others simply close down not even able to return the payments, which means many projects are losing hundreds of thousands of dollars on such multiwallets.
Charging a whole BTC or more for listing is just a scam and the whole high fee policy for listing on any platform is absurd. DEX’s are clearly taking over centralized exchanges and multiwallets are going to face the same fate if the business model doesn’t change.
One such project which just recently launched their beta app is Gemmer. By taking a minimalistic approach Gemmer is able to offer free listings for any project be new or old.
Forex: If someone is sending Aurora to an exchange wallet a random fee might be charged in Primecoin (XPM) which then goes directly into Aurora coins dev fund.
This is a model that has never been tried before and it was designed by Sunny King with the intention of helping projects that are listed and allowing their communities to support them directly by simply utilizing Gemmer for their daily transactions.
Join the official Gemmer discord channel
Gemmer intro video: https://www.youtube.com/watch?v=GnT2BLmGYOk