November 2022 will be remembered as one of the most turbulent months in cryptocurrency history. The spectacular collapse of FTX, previously one of the world’s biggest digital asset exchanges, sent shockwaves through the entire token ecosystem this month, prompting discussions around transparency and how custodians can protect their customers’ assets. We covered our response to the events with details on how we maintain customer deposits 1:1 below.
While the ongoing FTX crisis was undoubtedly the biggest event of the month (and one of the biggest of the last few years), we’ve had plenty of positive product developments over recent weeks as we build out token.com. Read on to learn more about what we’ve been up to and what comes next as we prepare to wrap up the year.
Disclaimer: Investing in cryptoassets is risky. Due to the volatile nature of the cryptocurrency market, investors run the risk of losing their funds when they make an investment. Returns from cryptoasset investing are not guaranteed, therefore users should always be aware of the risks.
Making discovery easy
Enabling token discovery is one of token.com’s core value propositions. We built our product in response to the rapid growth of the token ecosystem, which has seen thousands of tokens come to life in a short timeframe. token.com addresses the need for a simple experience that helps people navigate the most important projects found within the token ecosystem today.
This month, we doubled down on “discovery” by launching Interest tags in the app. Now, you can select your favourite hobbies and interests, from art and fashion through to impact investing, science and technology, and more. Inviting you to select your favourite interests allows us to serve relevant tokens and Collections we think you’ll like via our custom algorithm, similar to how social media applications like Instagram and YouTube suggest content for their audiences. But while the biggest Web2 apps engage with their audiences by enabling curated content consumption, we believe that tokenization will expand on this idea by creating ways for people to invest and shape the world around them based on their interests.
We’re really excited about the launch of our Interests feature as it brings us one step closer to our vision of onboarding the world to the token universe. The algorithm will evolve as the product does, and in the future we’ll add new features to make discovery even easier. Alongside our Interest feature, we’ve also improved our search function to help you find any of our supported tokens in an instant.
Get a peek at our Interest tags below and make sure to check out the feature for yourself via the app.
More Tokens, More Choice
We’ve been hard at work on engineering, design, product, and marketing as we build the product, and updating our suite of new tokens remains one of our key points of focus. While token.com makes it easy for you to scope out tokens according to your interests, we also aim to offer an abundance of choice when it comes to investing in the token economy.
In November, we added 62 new tokens, bringing our total to 122. Recent additions include decentralised finance favourites like Osmosis and UMA, and we’ll have more tokens to add as the economy grows. Our ultimate goal is to offer all of the most promising tokens through one interface and help anyone find the most relevant projects for them. While we’re pleased with our progress so far, we plan to keep making additions and improvements as the fast-changing ecosystem evolves.
In addition to our new tokens, this month we launched three new Collections: Silicon Valley Selects, The Token Trailblazers, and The Next Big Trends. These new offerings cover how the venture world is investing in tokens, the projects blazing the trail in the space, and how we think the future could look, all with the aim of helping you understand this nascent universe.
FTX response and protecting customer assets
The events surrounding FTX have prompted responses from the entire cryptocurrency community, with exchanges and key industry figures weighing in on how the industry should move forward.
We’ve been monitoring the situation closely and taken our own actions in response. We’ve removed our integration with FTX and switched all token trading to Binance, the world’s biggest cryptocurrency exchange.
Following the FTX crisis, we published this statement explaining how we protect customer assets. Here are the key takeaways:
We maintain 1:1 balances for all customer deposits.
You can withdraw your funds at any time.
We manage counterparty risks.
If you have any questions or concerns related to FTX or other recent events in the token ecosystem, please reach out to us at meajuda@token.com.
While FTX’s collapse has temporarily shaken the token ecosystem, our belief in the tokenized future has never been stronger. We believe that the industry will emerge stronger from the events and we look forward to supporting its growth for many years to come.
Inviting influencers onboard
token.com already lets you discover and invest in the key pockets of the token economy, but our range of supported tokens and Collections will grow as the ecosystem does. A big part of this evolution will be the launch of Creator Collections, which will see influential figures in the token ecosystem curate their own Collections.
In the future, we think that “influencers” and popular figures of all kinds will share tokens with their communities as standard, and the launch of our Creator Collections means we’ll be in a strong position to support them and their tokens of choice.
We’ll also be working on adding new tokens and Collections to the app in December, adding to an already-successful first few months of token.com to round out 2022.
Learn more
That brings us to the end of November 2022, but make sure to head to our blog to check out our latest guides on our DeFi Blue Chips, Explore the Metaverse, Ethereum’s Most Promising Rivals, Football Favourites, and Under the Radar Gems Collections. We’ll also be back with another recap before 2022 is out, unpacking our latest progress and reflecting on an eventful 12 months in the fast-evolving token space. Keep an eye on our blog for more news soon, and make sure to head to the app to check out all of our latest updates.
Learn more about token.com here
