Azbit

Initially, the project was announced at Consensus New York 2018 and has been growing the number of its associates ever since. The platform was also successfully presented at InsideFintech and other international conferences contributing to its popularity from the very start. For instance, when it participated in the Blockchain Venture Summit in London in 2018, the list of participants was limited to 500 but included the most established blockchain companies and personalities of the blockchain industry.

The company has held several IEOs throughout its existence and has successfully completed its own ICO having introduced the AZ token. In 2018, Roger Ver, CEO of Bitcoin.com, joined Azbit Advisory Board. Mate Tokay, COO of Bitcoin.com, came to support the platform, too. It became a significant event in the history of the startup since these people have an unprecedented level of experience in all that concerns cryptocurrencies. The partnership between the two platforms was confirmed later when Roger Ver decided to promote all Azbit products at Bitcoin.com. In addition to that, the list of Azbit’s partners includes Ubex, KMA.BIZ, Bitcoin Cash, Coinspeaker, FxCash, Bloxy, the BMS, and many others.

In May 2022, the platform completed the AZ token swap event, which presupposed the transfer of the AZ tokens from the Ethereum network to the Avalanche C-Chain. Thus, it revealed the way to transform an ERC-20 token into an AVAX asset. The procedure was performed via a deflationary smart contract with a blockchain transaction fee of 1%. During the transfer, 50% of the transaction fee, which is 0.5%, was burned automatically, while the remaining 50% was distributed proportionally among AZ token holders.

The Azbit platform

The Azbit platform consists of nine components, which include the identification system, electronic payments, a wallet, own blockchain, and several other products developed by the proprietary team. The project relies on blockchain-based banking that includes fiat banking, financial services, brokerage services, and p2p lending supported by the cryptocurrency portfolio. The members of the ecosystem can trade various assets such as forex, stock, options, and cryptocurrencies.

Besides, the Azbit team has developed the infrastructure that makes the facility a good tool for investment. At this, it offers sophisticated investment tools to make the task easier. Investors can take advantage of numerous useful features such as social trading, portfolio management, and copy trading that allows even novices to start investing like a pro.

The functionality of the platform makes the process of funds management smooth and convenient. All important features are at hand helping users to select required features to manage their funds in a couple of clicks. The team has managed to achieve this by analyzing the functionality offered by other services, and selecting and implementing the best options. For instance, the team borrowed the best ideas from Wall Street and then adapted them to the cryptocurrency environment.

In September 2018, the Azbit team started working over the bots to execute trades autonomously with the assistance of a preset algorithm. The platform gives users access to the framework, enabling them to create their own bots depending on their requirements. Users can later sell the products they develop. For that, the platform offers a special algo market, i.e. a marketplace for trading scripts, bots, and market indicators. Thus, developers get an opportunity to earn from the creation of algorithms with its help.

The copytrade functionality allows Azbit to attract new users thanks to experienced and successful traders who publicly reveal their strategies and help beginners to earn by simply following their patterns. Both parties take advantage of this feature since traders can earn more by selling their experience to followers or managing investors’ portfolios.

In May 2022, the team of the platform added “AZ markets” to the “Markets” list. Such modification of the interface helps to improve the exchange usability.

It’s worth adding that Azbit cares a lot about its users’ security. According to the statement of Max Zmitrovich, former Azbit CEO, corporations understand the value of security since the leakage of competitive information causes the end of the corporation. For this reason, the company takes McAfee Associates’ advice.

Azbit fees and financial aspects

One of the elements represented on the platform is cryptocurrency portfolio-backed p2p lending, which was introduced by Azbit in September 2018. It is aimed at business owners who borrow money to develop their enterprises.

Also, it’s worth adding that the exchange works with SEPA which works according to the principle “one currency, one territory” when it comes to international transfers. The Single Euro Payments Area enables payments in euros. This option is available to people living in the European Economic Area which covers 28 member states of the EU. SEPA simplifies financial transactions, contributing to the easy, fast, and secure international transfers between European countries. Thanks to SEPA, it’s quite easy to buy AZ tokens on the platform since Azbit accepts euros. It takes 1-5 days to credit funds from the EU bank to the Azbit account through SEPA. Also, users can upload Bitcoin, Litecoin, Ethereum, Dashcoin, Monero, and Bitcoin Cash to their accounts.

With Azbit, maker and taker fees are the same. The platform doesn’t charge a fee for depositing while the withdrawal cost depends on a currency.

The Azbit team

Max Zmitrovich, the Azbit CEO, stepped down from his position in November 2019. Azbit CMO, Sergei Ermolitski retook the leadership and replaced him. Max Zmitrovichz took the position of Head of Commercial Operations after that.