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When launching a new crypto project, discoverability is key. Discoverability, in this case, means that your token is listed and discussed on reputable and relevant platforms that crypto consumers trust. After all, if your token is not listed on any well-known crypto sites, consumers are unlikely to trust it and pay money for it.
One of the most important and well-known of these sites is CoinMarketCap. This site serves as a price oracle and listing platform for various tokens. If a person wanted to know the value, history, and important statistics of a token, they would likely visit CoinMarketCap to do so. Additionally, major exchanges like Binance use CoinMarketCap as their price reference platform and needless to say, getting listed on it provides not only credibility to your token but heightened viability as well.
CoinMarketCap Listing Requirements
The good news for crypto entrepreneurs is that the process for getting listed on CoinMarketCap is not a mystery but one that is publicly available via their websites. The application process features five steps and the first of these is filling and submitting an online application form.
For cryptocurrencies that wish to be listed, they must fulfil certain criteria such as leveraging distributed ledger technology to act as a store of value and a medium of exchange. The cryptocurrency must also have a functional website and block explorer for the site’s consideration. The token must also be listed on an exchange with tracked listing on CoinMarketCap and a representative must be presented to the site to maintain a channel of communication and answer questions about the project.
After this is submitted, CoinMarketCap will perform a number of evaluations on aspects of the token such as its team, trading volume and market pairs, as well as its uniqueness. However, even all these are not enough to guarantee a tracked listing on CoinMarketCap.
There are several listing classes on CoinMarketCap, including inactive, unverified, and untracked listings. However, the class of listing you should aim for is the tracked listing and this will require you to have your token meet all the criteria, including being listed on at least one crypto exchange that has tracked listing status on CoinMarketCap.
This is the roadblock that many crypto projects face as getting listed on one of these major or listed exchanges can be a long and complicated affair. Addiotionally, the more exchanges a crypto project is listed on, the better. This means that a crypto entrepreneur would be pursuing multiple token listings on exchanges at the same time which can be tedious.
Why You Should Own Your Own Exchange
One way to get around this listing problem on CoinMarketCap is to start your own exchange. Getting listed on a third-party exchange, as previously stated, can cost a lot of time and money but having your own exchange streamlines the process.
First, you are in complete control of how your token is launched on the exchange, from the date it is launched to the trading pairs available to its promotion to exchange users. This is as opposed to going back and forth with exchange support staff if you are dissatisfied about anything.
Having your own exchange(s) also provides more visibility for your token and a more convenient way to sell it to the public. Crypto investors are typically more comfortable buying tokens from an exchange compared to a generic website and having an exchange means you can sell a higher volume for your tokens.
Finally, having your own exchange creates more credibility for your project, especially if you are trying to get listed on a platform like CoinMarketCap.
Starting Your Own Exchange
While there are a plethora of benefits to starting your own exchange, a lot of crypto entrepreneurs are scared off this route because they believe that they need a lot of technical knowledge to be able to do so. However, this is not the case. The modern world has made it so that people can launch all types of sites without the technical know-how.
Anyone, without any coding or technical knowledge, can launch a blog, online store, and so on thanks to sites such as Wordpress and Shopify. The crypto world has gotten the same treatment with white label exchange sites like HollaEx.
These websites allow their users to customize and create a crypto exchange within minutes and launch them for often a lower price that they would spend on pursuing an external exchange listing. In the case of HollaEx, users can even fully design an exchange but don’t have to pay for it until they are ready to go live, giving lots of room for experimentation.
By making use of these white-label exchange softwares, crypto entrepreneurs can not only secure listings on platforms like CoinMarketCap but can also be fully in the drivers’ seat of their token launches and daily operations.