Why Did XCM Climb 1400% This Year?
Since 2021 exploded onto the scene and skyrocketed the crypto market to highs never seen before, there’s one exchange token that is really going for it – CoinMetro’s token (XCM.) The price has increased an eye-watering 1416% in just a couple of months. If we take a look at 10 of the top climbers from Cryptoslate’s listing of exchange tokens, XCM beats out the likes of Binance, Uniswap and Huobi.
So, how did CoinMetro, this giant-killing, trader-focused crypto exchange position itself to steal the lunch money of some of the very biggest names in the business?
Customers, Community and Confidence
CoinMetro founder and CEO, Kevin Murcko, points to great customer service (something that’s lamentably overlooked in the cryptosphere), investor and community confidence and having the features that crypto traders are looking for.
“CoinMetro is rather unique: we’re a regulated exchange providing multiple fiat on and off-ramps, even for US traders. CoinMetro supports USD; EUR, GBP and AUD. When it comes to crypto – XRP trading, in addition to the majors, we also focus on new tokens with great promise” he said.
“I’m also really proud of CoinMetro’s support team, who’ve helped us achieve a near-perfect 4.9 on Trustpilot. We genuinely care about our customers and I think this is reflected, not just in feedback, but also the overall confidence throughout the wider community, traders and investors alike”, he continued.
“Everyone has a crypto support horror story it seems. For me, the mission was to build a crypto exchange where our customer support team solves your problem and really cares about you. I can say with confidence that we’ve achieved that and we keep growing our team as we go along, making sure all our customers get a response and a solution in a timely manner.”
Success Beyond Price
Beyond XCM’s dramatic price increase, there’s obviously been a tremendous amount of work going on behind the scenes. Rolling out new products and doubling down on what’s working means CoinMetro enjoyed a growth rate increase of 620% year-on-year in 2020.
CoinMetro also successfully completed a crowdfunding campaign at the beginning of this year, to further supercharge their already stellar growth performance and adding a nice little bow to an already great 2020.
Pulling in customers faster than ever, and making consistent improvements to the product netted them a 52x increase in revenue between January 2020 and January 2021.
So the signs are clear: you put in the work, you build and support a great community around a great product, at the right time, and you enjoy success.
Who knew?
The Road Ahead for XCM
As all the transaction fees on the platform are tied to the CoinMetro token XCM. They have great plans ahead such as staking and many other DeFi plans in the works for 2021. There’s also huge support from their community and investors in going long for XCM. This may be some of the reasons why XCM, the CoinMetro token jumped from $0.04 to $0.72 ($0.49 at the time of writing) in just a space of a few months.
The biggest winner in the exchange token battle is clearly XCM – price is up 14x this year, comparatively, other exchange coins such as the BNB coin has also seen huge growth this year already, as have many other cryptos. BNB has risen in price over 7x this year. Huobi token’s growth between this year’s highs and lows has been over 3x. OKEx Chain however has reached a rather modest 50% increase this year.
CoinMetro has big plans ahead for 2021 both thanks to the growth of the company and the recent funding round. You can read more on their plans ahead this year in the CoinMetro Q1 2021 Roadmap. There will be a lot of new high-quality, hand-picked tokens listed on CoinMetro this year. In addition to this, they are also hinting about further licensing and entering the B2B space into Q4.
2021 seems to truly be the year of CoinMetro.
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, @KhareemSudlow
