We had the pleasure of talking to Umair, one of the co-founders of the upcoming derivatives exchange BitOrb. We discussed the features that make this exchange unique, such as the nature of the token that enables you earn BTC based on company earnings, the Orchestrator that enables you to trade based on pre-executed strategies and lot more. As well as discussing their recent partnership with Tomochain, the reason behind their upcoming Audit and finally their future goals.
Could you introduce yourself to our readers? And for those that have never heard of BitOrb, could you give us a brief introduction on what it is?
Hi, My name is Umair Siddiqui and I am one of the co-founders and the Chief Marketing Officer at BitOrb.
So, BitOrb is a cryptocurrency derivatives exchange.
We bring forth many technological advancements which we will talk about in this later in this interview. I would like to introduce our exchange with the three key pillars or values we strongly live by:
Transparency to all stakeholders, dare I say it’s one of the things that has been missing from this industry. We have engaged the services of one of the top audit firms to provide their audit opinion on our financial accounts. This will be disclosed to our community, the public and most importantly our stakeholders whether they are our token holders or traders.
Secondly, fairness for all stakeholders, we are pro regulation, several countries are now opening to the idea of regulating exchanges and other digital assets related activities. As such, we are pursuing exchange operating license in several jurisdictions and will continue to engage other regulators around the world.
Finally, our exchange should be intuitive and easy to use for all levels of traders. We have created a simple interface that is more inclusive of newer users by making it easier for them to trade crypto derivatives.
The exchange industry is extremely saturated, what competitive advantage and features differentiates BitOrb from the rest of derivates exchanges?
The market is indeed very saturated and there were a plethora of derivatives exchanges that came up in 2019. Here at BitOrb, we started building the exchange by understanding some of the key concerns that crypto derivatives traders have today.
1) What has resulted is a product that we feel will appeal to all levels of traders. Whats unique about our exchange is the ORBYT token, the native token of the BitOrb exchange which, amongst other benefits, allows all qualified token holders to earn a share in the company’s net profits after taxes (NPAT) – the profit share will be paid out to token holders in Bitcoin.
2) We also introduced “The Orchestrator”, a never-seen-before feature in the crypto exchange market, let alone the derivatives market. This is a tool that allows users to create automated executable strategies by creating orders that are carried out when conditions set by the users are met. These conditions are based on trading indicators.
This will allow our users to do higher frequency, rule based trading without implementing any programmatic trading tools. We feel that in the future the orchestrator will put a retail trader on a similar footing with a more advanced trader.
3) As I mentioned earlier, we have also created a “Simple Mode”, which allows newer traders to get their heads round the complex world of crypto trading, with a very easy-to-use and intuitive order form that gives the traders the ability to quickly open long and short positions without the complexities of charts and orderbooks. This tool also allows very effective risk mitigation by encouraging users to set take profit and stop losses and calculating their real profit or loss in Bitcoin and USD in these events.
4) Finally, we also allow traders to open multiple long and short contracts simultaneously, which eliminates the need to “multi account” to open long and shorts at the same time on the same exchange.
We are also planning to introduce some very interesting products which I will keep under the wraps for now until we make official announcements to our community, but I can assure you the BitOrb Exchange is ripe with innovation and I feel we can create a special standing for ourselves in the thriving cryptocurrency exchange market.
What incentive is the $ORBYT token offering to those that are invested or are planning to invest?
Internally we have a joke about this, that our CEO loves (he loves dad jokes) .
“The Orbyt Token is LIT!” (Hoong-Teng, 2019).
Forgive him he was born a long time ago.
What this means is ; Loyalty benefits, Investor benefits and Trading benefits.
Now, we shed some light earlier on the Investor benefits where all qualified holders of the Orbyt Token will earn a share of the exchange’s NPAT. What makes this an even better value proposition is that this profit share is paid out in Bitcoin. To be qualified the user has to undergo a KYC process with us (which will take less than 3 mins) and hold at least 100 Orbyt tokens.
The Orbyt Token also allows Trader benefits in form of discounts on the taker fee. Discounts of up to 30% are available on the taker fee when you hold a certain amount of Orbyt Tokens also making our fee structure one of the most attractive in the market. The Orbyt Token also provides Loyalty benefits for those that recommend the BitOrb exchange to the others. When holding Orbyt Tokens the users are enabled to earn a referral commission of upto 30% commission on the trades made by other users that they have referred to the exchange.
The Orbyt token is a digital asset that derives its underlying value from the performance of the exchange. When holding the Orbyt Token the token holder is essentially holding a share of the company’s net profit much like a dividend. We see this as the future and a recurring trend within the cryptocurrency industries as all “alts” try to cement a place in this world post 2017.
The community was very enthusiastic about Tomochain’s partnership, what value does it provide to BitOrb?
The team here at BitOrb are big fans of the Tomochain project. Dr. Long Vuong correctly identified many flaws with the blockchain providers as early as 2016 when he started work on Tomochain. What has culminated is one of the most promising projects in crypto today.
I think with a project like ours, Tomo is a no brainer. Without going into much detail, Tomo is a highly secure blockchain, with a unique 150 Masternode PoSV consensus mechanism. The transaction fees are low and the confirmation times are extremely fast. What’s more is that Orbyt is the first high profile deployment on the TomoZ protocol also known as the TRC-21.
TRC-21 tokens solve one of the biggest problems with the ERC-20 tokens, atleast from a user’s point of view, and that is the “Gas Fee”. With TRC-21 tokens, the Orbyt Token holders do not need to hold any Tomo in their wallets as Gas for the transaction, instead the transaction fee is paid in Orbyt Tokens.
Tomochain is based very close to home in Asia, and we have a great rapport with the Tomo team. Let’s just say that BitOrb and Tomochain will continue to explore many other avenues of collaboration beyond just the Orbyt Token.
BitOrb will be audited just audited by a large company, what exactly does it mean?
Transparency to all our stakeholders is one of our core values. The BitOrb and BDO reached an agreement in 2019, where BDO will conduct a financial audit and provide its opinion on BitOrb’s financial standing, which will be made available to all stakeholders.
We felt that this was necessary in order to provide the highest level of transparency to all our users and there is additional layers of trust behind the numbers that are reported by BitOrb. This is especially important for a company like ours that aims to pay profit share to it’s token holders.
Every company has short, medium and long term goals. What can we expect to see from BitOrb?
I think it the short term or within the next year our key goal is to stick to our core values and provide a transparent, fair and easy to use exchange for all users. We feel that we have an edge because of some of the innovations that we have put in place and in the short term it’s all about spreading that gospel to the crypto world.
In the medium term or the next 2-3 years, I would like to see BitOrb challenging the big players in the markets on all frontiers, I feel with some of the enhancements and the new products we have lined up for 2020, we can expect BitOrb as an established industry player in the years to come and challenging for market share in this industry.
In the Long term, providing that things go to plan, the people at BitOrb are an ambitious bunch. We can expect the company to entering many other areas of the digital assets world that excites the team. What’s really exciting about BitOrb offering newer products and services is that the Orbyt Token is always going to remain the center of our universe. This makes holding Orbyt even more exciting. So don’t wait, #LetsgetintoOrbyt