During our ICO we have estimated that listing on exchanges will take 4-6 weeks. Our estimations were based on the experience of ICOs, with whom we have close relations. A lot has changed since these ICOs listed their tokens. So, why it takes more time than we estimated?
The main reason is that we are looking for a GOOD exchange to become our partners. The criteria we are looking for in the perfect exchange:
- It should have great volume. Bonus points if the volume is growing;
- It should have a good security;
- It should be popular enough;
- It should not be too crowded with other tokens, because BIRD would just drown in the sea of others;
- Preferably, it should have a fiat/crypto gateway;
- Page loading time should not cause inconveniences for the user (our community);
- And other aspects which would benefit the Birdchain project.
When we started making a list of exchanges that meet these criteria, we faced two main problems:
- The price of the listing;
- The time it takes for an exchange to process our request.
We are very thankful for our community for contributions, but listing fees in some exchanges are even higher than you contributed. Yes, listing on an exchange can cost more than we raised in our ICO.
Of course, the price is always negotiable, but in order to negotiate you have to bring something to the table. We bring a working product. Having the working product (even if it’s in the testing phase) before listing the token on exchange drastically reduces the chances of being considered a security. So, since this Monday, we have a huge bonus for the exchanges and they will be more open to negotiating the price.
Exchanges that are not as expensive are so overwhelmed by ICOs that want to list their tokens that it takes them ages to analyze the requests. And they have stated very clearly that if companies will try to push them, they will ban their token from listing on their exchange. So, there is no way to speed things up until the request is processed and we are contacted by the exchange representatives.
Now you know our side of the story.
We are sorry that we missed the deadline a little bit. We also want to apologize for not making this explanatory statement earlier.
The good side is that having the working product gave us an advantage in negotiations and now we are moving much faster than before. We hope we will be able to share more specific news with you in the upcoming week.