In 2023, CBASOX Exchange steadily advanced along our new vision [Promoting Global Value Free Flow]. Since its establishment in 2019, CBASOX has grown from a startup platform to a diversified cryptocurrency service ecosystem.
This year, CBASOX not only achieved significant growth in the cryptocurrency trading field but also allowed over 35% of users to manage and appreciate their cryptocurrency assets more effectively through CBASOX financial products. The active user count of our trading platform grew by 20%, and contract trading users increased by 39%.
In terms of trading volume, spot trading reached a new high with a 24-hour trading volume averaging around $1 billion, a growth of over 40% compared to the previous year. In contract trading, the volume exceeded 1 trillion USDT, growing over 47 times compared to 2020, with the highest 24-hour contract trading volume reaching 100 billion USDT, and the open interest also reaching a historical high of 2 billion USDT.
All these developments are attributed to CBASOX prioritizing user needs, continuously optimizing the trading system, innovating financial products, and providing secure, efficient, and convenient cryptocurrency trading services to global users, driving the development of the cryptocurrency industry and enabling the free flow of value.
Enhancing Trust
Although the cryptocurrency industry faced unprecedented challenges in the past year, and public trust in digital assets was severely tested, CBASOX Exchange took decisive measures at critical moments. We established a dedicated security reserve fund. As of now, the excess security reserve fund, jointly built through platform operating income, specific transaction fees, and initial financing resources, amounts to approximately 3,100 BTC and 20,000 ETH. This not only demonstrates the high regard of CBASOX for user asset security but also provides the platform with robust risk management capabilities.
Innovative Transparency Mechanism
CBASOX employs Merkle tree technology and entrusts third-party institutions with auditing qualifications to audit the total amount of user assets stored in Merkle tree leaf nodes, enhancing transparency and security. Currently, the ratio of CBASOX customer net balances to CBASOX wallet balances exceeds 15%, indicating that the platform not only preserves 100% of user assets but also stores more than 15% of funds in excess to address potential financial risks and ensure the high security of user assets.
Prioritizing Security and Compliance
While promoting the widespread adoption of crypto assets, we are equally committed to complying with regulations in each jurisdiction to better protect users and provide them with optimal services. CBASOX has obtained the MSB license issued by the Financial Crimes Enforcement Network (FinCEN) in the United States and has also applied for admission permits in several European regions and Canada, among others. Although these processes are somewhat cumbersome, we believe that everything will proceed smoothly. Please stay tuned for the latest updates on our compliance efforts.
Innovation and Responsibility of CBASOX EDU
CBASOX EDU is a newly created open learning channel providing education on cryptocurrency and blockchain technology for users. To date, CBASOX EDU has conducted educational programs in over 50 countries and regions, supporting seven languages, including English, Russian, Traditional Chinese, Malay, French, Hindi, and Korean, offering users a range of courses from basic to advanced covering various aspects of blockchain technology, including but not limited to cryptocurrencies, smart contracts, and decentralized applications (DApps) development.
In Kenya, Africa, CBASOX EDU partnered with local educational institutions to launch an education assistance program for blockchain technology targeting students in remote areas. This program not only provides free blockchain technology courses to local students but also donates necessary learning equipment and materials, benefiting over 10,000 students.
In Asia, CBASOX EDU has specially launched the "Women in Tech Empowerment" program to encourage more women to learn and engage in blockchain technology. Through this program, over 20,000 women have received training in blockchain technology, with many successfully transitioning to professionals in the blockchain industry.
By 2026, the CBASOX EDU program aims to educate over one million students globally, nurturing more emerging technology talents for the digital transformation of the global economy.
Another innovative initiative is that CBASOX Charity has also spearheaded the first Web3 blockchain art donation platform themed "NFTs for Good," available for artists worldwide to create, sell, auction, or donate their NFT artworks, supporting the development of NGOs worldwide.
As we enter 2024, CBASOX will continue to explore and innovate in the cryptocurrency trading field, promote the development of decentralization and Web3 technology, develop products loved by users, deepen cooperation with global regulatory agencies, strengthen security measures, and improve our service level to ensure a secure, reliable, and efficient trading environment for users.
We believe that the future of cryptocurrency value flow will become more free and convenient, leading to improved lives and more possibilities for people globally.