TL;DR: Tokenization has been a thing for a while in the cryptocurrency space. The ecosystem leader is Ethereum, hands down. A Bitcoin Cash iteration known as SLP Tokens, offering comparatively easier onboarding and less expensive associated fees, could be a potential challenger to ERC20 dominance. It’s still really early to make that call, of course, but SLP token exchange Cryptophyl sure is working hard in the meantime, inking important and fun partnerships.
Cryptophyl Exchange Inks Important Partnerships
Tokenization, at least at first, is about fun. It’s an open space, largely permissionless, and can seemingly allow for endless creativity. Tokens don’t always make a lot of sense, but few technologies do in their initial stages. They’re a tad magic and frivolity before they, IF they, become something real and impactful.
The Bitcoin Cash (BCH) community’s foray into tokenization is somewhere in-between at this point, still experimenting while growing up. Nowhere is that latter part best embodied than within the SLP token exchange, Cryptophyl. Founder Semyon Germanovich has been a BCH enthusiast for a while, often trying his entrepreneurial hand at liquidity-related ideas, exchanges in particular. So when the SLP token opportunity availed itself, Germanovich went all-in.
An SLP token-driven exchange is a bold business model, and it takes an enthusiast’s passion to take that kind of leap. It might be paying off. Cryptophyl distinguished itself as a first-mover by onboarding popular SLP tokens such as SPICE (no affiliation with CoinSpice), incorporating the SLP stablecoin USDH (HonestCoin), and even launched its own exchange token, DROP.
Bicycles, Yes, Bicycles
More recently, the exchange’s maturation has come in the form of two partnerships. First, it agreed to terms with cryptocurrency payment processor MoonPay. For those wishing to get involved with tokenization on a trading level, being able to fling a credit or debit card is critical for a whole host of reasons. MoonPay does that, along with Apple Pay, easing the onboarding process by an order of magnitude. It’s a first for the young SLP environment.
“We’re constantly working hard to make token trading more accessible,” Germanovich explained. “This is a big moment for SLP tokens, and we’re thrilled to see SLP mature over time, and be part of this journey. This is the beginning of many great things to come for Bitcoin Cash and the wider cryptocurrency ecosystem.”
Though that move is indeed a serious one, the exchange isn’t losing its wink, its fun side. Recently, Cryptophyl announced it partnered with a UK-based electric bike retailer. Toba Electric Bikes will employ SLP to issue TOBA, a utility token offering users a 10% discount. BCH tokens, as a result, are about to enter the real world of physical goods. TOBA will be live on 15 November 2019, airdropping more than $35,000 worth to DROP holders. The following month, allowing time for price discovery, TOBA will be spendable on the company’s electric bike products proper.
“Toba Electric Bikes is a brand that has been two years in the making,” the press release noted. “The team behind Toba has a trading history dating back to 2003 in the United Kingdom and Europe, where they helped pioneer the electric bike industry in Europe. The team previously operated under the trading name 50 Cycles and sold over 30,000 electric bikes.” Toba already allows customers to purchase electric bikes with BCH.
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DYOR: CoinSpice is your home for just spicy crypto things. We’re not affiliated with any cryptocurrency project or token. Each published piece is intended for information purposes only, not investment advice and not in the hope of impacting speculative markets. There are plenty of trading sites and coin-specific advocacy journals out there, we’re neither. CoinSpice strives for rigorous accuracy in our reporting. Information presented here is contingent usually on a host of factors, and the ecosystem moves fast — prices change, projects change, and at warp speed. Do your own research.
DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.