Jimmy Song and Willy Woo Joined New Project, What is it About?
Two influential members of the cryptoverse, Jimmy Song and Willy Woo, have announced their participation on the advisory board of an emerging US-based cryptocurrency exchange Level (LVL.co). What is this project all about?
The exchange introduces a new approach to crypto trading, where users are charged a flat, USD 5/month fee for the unlimited number of trades instead of the traditional maker and taker fees per trade. Essentially, it is a subscription model service like Netflix, a major streaming service, but for crypto trading.
Jimmy Song is a well-known Bitcoin educator, developer, and entrepreneur. He serves as the project’s technology advisor. Willy Woo, a renowned entrepreneur and independent crypto-asset analyst, is the product advisor for the exchange.
Besides, the exchange has a long list of community advisors, including many popular Crypto Twitter personalities like The Crypto Dog, Ambroid, Panama Crypto, Josh Rager, Marsmensch, NebraskanGooner, Joe Zabbs, and others. The venture is led by Chris Slaughter, its founder and CEO.
According to Jimmy Song, most exchanges with sufficient liquidity are using an exploitative model where they are taking as much money as they can. Besides, they offer better rates to the whales instead of small traders. For example, last week, cryptocurrency exchange OKCoin has announced the launch of OKCoin Premier, a special service aimed at large players to “enhance their access to OKCoin’s global liquidity pools.”
Level exchange seeks to deliver a high-liquidity exchange that runs on fixed fees. It aims to offer Automated Market Making, which would allow users to fund the bot to trade on their behalf, boost the exchange liquidity and make money for its users while doing so.
Currently, the platform is in the Alpha testing mode. It supports Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), and USD Coin (USDC), with more cryptocurrencies and fiat pairs likely coming in the future. Alpha testers can sing up via invitation codes spread by the community members.
Not an ICO
The cryptoverse is known for influencers “shilling” their own initial coin offerings (ICO’s), coins and projects. Naturally, popular personalities joining new projects may trigger some unwelcome feelings. The situation had prompted Level to release a statement clarifying the project’s relationship with the advisors.
In the statement, Level’s team stresses that unlike ICO’s and similar coin projects, it is an equity company and doesn’t compensate its advisors in cash or crypto. Equity advisors make money only if the project succeeds in the long-run.
“Level is an equity company and not a token project. We don’t have a token, and we will never have an ICO. Our team members, both employees and advisors, are equity owners in the business. And advisors specifically are never compensated in cash or crypto,” is written in the blog post.