The success of any new business model depends on a few things.
First, the startup should identify an issue. Second, it should be able to create a solution for that problem.
Third, the solution should be easily understandable and accessible to the target client base. And fourth, the business should keep on identifying new demands in the sector and continue to build new tools to expand its services in response.
ChangeNOW appears to tick all the boxes so far. In simple terms, it is a cryptocurrency exchange that enables people to sell, purchase, and exchange digital assets like Bitcoin, Ethereum, Ripple, Cardano, etc.
A provably successful model, given how many trading platforms rake in profits, ChangeNow still boasts about certain missing features even in some of the leading crypto exchanges like Binance, Coinbase, and Kraken. Let’s discuss it in detail.
Self-sovereignty
Self-sovereignty is a fundamental value to the cryptocurrency. These digital assets give individuals the power to control their wealth through the use of cryptographic keys. However, most users sacrifice sovereignty for convenience, choosing to custody their crypto with third parties like cryptocurrency exchanges.
ChangeNOW solves that problem by removing the necessity of custodianship. Instead, users just need to arrive at the company’s official homepage https://changenow.io, select the cryptocurrencies they want to trade for one another, provide their source and destination address, and enter. Depending on the network speed, they receive the target cryptocurrency right in their crypto address.
So in short:
- Select the currency you want to swap
- Enter your source wallet address
- Review the details and confirm the transaction
- Generate a receiver address and send crypto to that address
- Receive your coins to your nominated wallet.
Throughout the process, ChangeNOW strives for maximum safety, simplicity, and convenience; it does not store users’ funds or personal data and does not require any sort of account creation.
That makes ChangeNOW a great tool for users who do not want to go through the hassles of account creation and identity verification on mainstream crypto exchanges to perform tasks as simple as exchanging one digital asset to another.
But what about decentralized exchanges (DEX)?
True, ChangeNOW’s business model is almost similar to decentralized exchanges: non-custodial services offering 100% self-sovereignty to clients. However, DEXs tend to fail to scale due to technical limitations, and therefore run into higher fees and lagging transaction confirmation issues.
On the other hand, ChangeNow tends to be the cheapest with a fixed service fee and the most scalable non-custodial global exchange.
ChangeNOW Hall of Fame
The exchange currently lists more than 250 cryptocurrencies, with over 50,000 trading pairs available to around 3 million clients. Meanwhile, ChangeNOW allows clients to exchange as little as $2, a huge contrast to mainstream exchanges with higher transaction base limits.
It only takes an average of 5 minutes to complete a transaction.
ChangeNOW also supports more than fiat currencies to buy and sell cryptocurrencies, thanks to its Visa and Mastercard-powered payment gateway.
Here is also a timeline of ChangeNOW’s growth since its launch in 2017.
2017
- ChangeNOW born;
- $1 million turnover reached;
- 24 cryptocurrencies listed.
2018
- NOW Token* (ERC20) released;
- Partnership with Exodus wallet;
- ChangeNOW mobile app released;
- Affiliate program launched;
- 150+ cryptocurrencies listed.
*Note: NOW Token is a native asset created by the Change Now exchange development team. NOW Token can be used by Change Now customers for accelerated customer support, access to new listings, special trading fees, and other benefits.
2019
- NOW Token (BEP2) listed on Binance DEX;
- Partnership with Simplex and fiat-to-crypto exchanges;
- NOW Payments launched;
- NOW Nodes launched;
- Partnership with Atomic wallet;
- 200+ cryptocurrencies listed.
*Note: NOW Token exists on two networks simultaneously: Ethereum (ERC20 Standard) and Binance Chain (BEP2 Standard). ERC20 to BEP2 swaps are already available, with BEP2 to ERC20 swaps available soon.
2020
- Partnership with crypto lending platform CoinRabbit;
- NOW Token staking is launched;
- #AustraliaFires donation campaign;
- NOW Tracker released;
- Bug Bounty program launched;
- Minimal exchange amounts reduced;
- Partnership with FIO.
2021 (so far)
- Partnership with Guardarian to support fiat to crypto and vice versa transactions;
- NOW Wallet released;
- NOW Loans launched;
- Fiat payments added to API;
- 250+ cryptocurrencies listed;
ChangeNOW products
ChangeNOW goes beyond its comfort zone when it comes to offering an all-and-all crypto solution range for users, developers, and crypto merchants alike. The platform boasts services that range from simple mainnet integrations to payments to wallets—all in one place. Let’s discuss them as follows:
Token Swap
One of the biggest hassles of holding a cryptocurrency is forks. Developers need to constantly update their core software for reasons ranging from bug fixes to introducing new features. But because crypto assets directly function per the mainnet that gets updated time after time, developers introduce an updated version of the same digital assets, making users swap old tokens to receive the new ones.
Binance, Aave, and many other projects have performed mainnet updates in the past. And each time, exchanges that supported their wallets also had to upgrade their systems to support updated tokens.
ChangeNOW does the same but in a simpler way. For developers, the platform’s Token Swap tool handles all the hassle that comes with moving tokens to brand-new, shiny mainnet. With just one click, developers can handle the technical load of mainnet migration to ChangeNOW’s dedicated dev team and design a custom swap flow in close collaboration with them.
NowPayments
Just the way it sounds, NowPayments enable individual merchants and enterprises to integrate crypto payment solutions to their services. One can refer to it as an equivalent to PayPal, but without the hassles of extravagant fees and difficult onboarding.
NowPayments support over 50 cryptocurrencies, including Bitcoin and Ethereum, and charges only 0.5% from merchants for each transaction. It also enables direct wallet top ups, while ensuring a 24/7 support via a premium account manager.
One of the best features we have come across under the NowPayments section is Mass Payments. Crypto firms typically pay their employees — freelancers or full-time — in digital assets. NowPayments enable them to pay the staff with a few clicks via its liquidity wallet—all automated per the firm’s specification.
Users can also directly deposit their crypto payments in fiat to their bank accounts. As a result, merchants can charge in crypto but receive payments in fiat, removing the risks of crypto price volatility. The only drawback is that NowPayments supports only SEPA.
Mobile Exchange
An instant mobile exchange to swap cryptocurrencies on the go. Yes, we have discussed it already above.
LightningNow
ChangeNOW has carried the Lightning Network torch to ensure faster and low cost payments across the Bitcoin blockchain. The platform, as a result, introduced LightningNOW, whose main goal is running a stable, reliable, and well-connected Lightning node to help provide easier channel creation between Lightning Network users.
Lightning Network is Bitcoin’s layer-2 solution for scalability.
NowNodes
NOWNodes is a blockchain-as-a-service solution that enables users to get access to full Nodes and blockbook Explorers via dedicated APIs. The service provides a high-quality infrastructure that is quick, cost-effective, and reliable, enabling users to run nodes across multiple blockchains and, in turn, earn rewards without a hassle.
NowNodes ensures that users’ nodes remain under surveillance 24/7 to ensure their availability and relevance. In doing so, the service intends to offer scalability for any large tasks and blazing fast API responses.
Telegram Bot
A bot that allows users to speedily exchange more than 200 coins and tokens without having to create a dedicated account.
Now Wallet
A dedicated, non-custodial crypto wallet for users to store their digital assets remotely, supported by dedicated private keys and an easy interface to navigate through crypto portfolios.
Conclusion
Overall, ChangeNow appears like a full crypto package, taking care of even the smallest requirements of an average digital currency user. The purpose seems clear: to create an interface that allows users to access different crypto services from one place.
The only drawback we have witnessed so far concerns regulation. The platform states that it uses an automated risk prevention system, with apprehensively adequate KYC/AML policies for even tasks that remotely concerns compliance.
