Established in August 2017, MyToken has quickly become the most popular cryptocurrency platform in China in terms of market share and number of active users. The platform has more than 400,000 users including 150,000+ daily active users across its iOS, Android, Mac and web-based apps.
The platform offers a range of market services to cryptocurrency investors in China including:
- Transaction data for almost 300 exchanges with real-time price and trading volume details across 70+ major exchanges.
- Real-time pricing data for more than 2,000 cryptocurrencies.
- Candlestick, trading volume and in-depth data across all major exchanges.
- Details on nearly 1,000 popular cryptocurrencies and their sub-markets, ICO price and projects.
- Real-time total asset feedback.
- Announcements and updates from major exchanges,
- Useful industry insights and information.
"For any investor, access to quality information is key to success and that is particularly true in the cryptocurrency industry where investors need to be able to tell the signal from the noise. MyToken was established to provide investors with the most objective data, information and tools to help them make the most informed investment decisions. By combining this access to data with user-generated content, a vibrant investor community and a range of useful services, we can help investors reduce cost and invest with maximum efficiency," said Larry Guo, CEO of MyToken.
First Market-based App to Issue Its Own Token
With the launch of MT, an ERC20 token on Ethereum, MyToken hopes to leverage its expertise and resources in cryptocurrency management to provide an even better service to users on its platform.
Mr Guo said: "There are many potential applications for MT, and we hope that it will add value to all users of our platform. For example, advertisers can use it as a means of paying for advertising, or users can use it to pay their transaction fees. We see this as an ideal way to make transacting on our platform as seamless as possible for all users of our system."
According to MyToken's white paper, MT's overall market value is about $47 million (300 million RMB). When the token gets listed on the exchange, the value of MT circulated in the market will be equivalent to 17,000 ETH. The remaining amount, equivalent to 7,000 ETH, will be unlocked on a daily over the next 6 months -- a plan that is designed to stabilize the price of MT in current volatile market conditions.
MyToken has already generated significant volumes in trade, creating an immediate opportunity for trade in MT. Monthly advertising on the platform, for example, is between $900,000 and $1.8 million, while the company takes a service fee of 4% to 8% of every ICO on the platform. There is also a significant potential application for MT in DApp.
With this in mind, Iris Zhang, partner of MyToken's consulting agency Spectra Ventures & Advisory, believes that MT will quickly become an important player in the international cryptocurrency market.
Iris said: "MyToken is the first market app to issue its own cryptocurrency, and it's starting from a position of significant advantage. MyToken has already been China's most popular cryptocurrency platform, and a vital entry point for Chinese investors. China currently sees the largest cryptocurrency trading volumes globally. With MyToken's industry leading position we see an immediate opportunity for MT to become a popular and widely circulated currency."
She added: "We believe the blockchain industry is set for continued rapid growth over the next 3 to 5 years. Building on its industry leading position, MyToken can quickly become a highly profitable platform with tens of thousands of RMB in monthly revenue. This gives MT a significant potential advantage, and this is underpinned by MyToken's repurchase commitment. It is highly likely that we will soon complete the repurchase goal for MT to reduce the volume in circulation to just 3 billion."
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