The cryptocurrency industry has faced significant volatility and uncertainty in recent years with various regulatory challenges, market fluctuations, and security concerns.
Amidst this volatile situation, several companies have emerged as key players in reshaping the cryptocurrency trading and payments industry.
These companies are revolutionizing the way individuals and institutions interact with cryptocurrencies, providing innovative solutions, enhanced security measures, and enhanced accessibility. One such fintech startup is Prosper.
Meet Prosper – a cheap, secure crypto trading platform
Prosper is an Amsterdam-based crypto exchange platform that dared to challenge the norms and reshape entire crypto sectors.
The flagship offering is the low-cost Exchange platform, with market-leading rates of 0.03%, the lowest in the industry.
To put it in perspective, established exchanges such as Kraken, Bitvavo and Coinbase charge 0.24%, 0.25% and 0.60% respectively.
With such drastic cost benefits, traders no longer have to worry about pushing large volumes to make their investments worthwhile.
Prosper also offers two additional services: payments and a range of institutional services.
Randy Vanenburg (CEO), Thomas van der Voort (CTO) and Dajana Nozic (CCO) founded Prosper in 2022.
The founders are experts in their respective fields, with Vanenburg having a background in product design, technology and consulting for financial institutions, multinationals and governments.
Van der Voort has a technical background and previously worked as a consultant for large multinationals. Nozic has a background in financial crime and regulation/compliance and previously worked for Mollie.
Inspiration: make crypto trading affordable
According to Vanenburg, the inspiration behind Prosper’s creation was to provide individuals and institutions with the cheapest trading platform, without having to commit to a specific 30-day volume.
“Trading crypto remains expensive, on exchanges such as Coinbase, for example, you can easily pay up to 0.60% (Prosper is 95% cheaper at 0.03%). We wanted to change this by offering individuals and institutions the lowest trading fee for a monthly subscription. This is without committing us to a 30-day trading volume,” Vanenburg tells Silicon Canals.
Regulated by Dutch authorities
Regulatory approval was one of the first challenges Prosper faced during the installation phase.
Vanenburg talks about the challenges: “Gaining regulatory approval remains a challenge for any future crypto company in the Netherlands. However, we are proud to comply with all regulations in our jurisdiction.”
To strengthen compliance processes, Prosper partners with several leading services. Veriff to provide a seamless onboarding and document verification experience for customers and Comply Advantage and Chainalysis for (AML/KYC) purposes.
According to Vanenburg, the company aims to obtain the new MiCA license through De Nederlandsche Bank as soon as registration is possible.
The company fully complies with Dutch legal requirements. According to the company, the process involved several steps, including vetting Prosper’s directors, submitting a detailed application and providing information about the company’s compliance policies and financial standing.
What does Prosper offer?
Prosper differs from traditional exchanges with standard rate models and sets itself apart by offering a subscription-based revenue model.
Users can sign up for a free account, without having to complete identity verification (KYC) to familiarize themselves with the platform and start trading for 0.07% with a limit of €250 on incoming deposits. When a user completes their KYC, these limits are lifted. Prosper offers several plans ranging from €0.99 – €24.99 per month to suit the expected trading volume of the user and offers an even further reduced fee schedule of 0.06 – 0.03%.
How is it possible that Prosper’s fees are significantly lower compared to other exchanges? “We have gained extensive experience in the crypto industry over the years and built valuable relationships that enable us to bring this exceptional offering to the market,” explains Vanenburg
Currently, the platform supports 70 Euro trading pairs, allowing users to trade a wide variety of cryptocurrencies. In addition, Prosper plans to expand its list of supported cryptocurrencies, bringing even more options to traders.
Security and privacy
Vanenburg emphasizes that Prosper puts the privacy and security of its users first.
The platform uses a robust infrastructure, encryption protocols and offline cold storage wallets to protect user accounts and transactions.
We have taken extensive measures to identify and combat fraud, money laundering and terrorist financing, says Vanenburg. In addition, we use leading technologies from Comply Advantage, Chainalysis and more to optimize our security processes.
Bootstrap and growing
Prosper is a start-up company that does not need external financing for maintenance financing, says Vanenburg
“All funding is provided by the founders and significant investments have been made in the company over the past few months by the founding team,” he reveals.
Prosper employs five members: the CEO, CTO, CCO, social media manager and SEO specialist.
“We aim to expand the team in the coming months,” reveals Vanenburg.
In the coming months, Prosper plans to slowly expand into the EEA (European Economic Area), focusing on both individual and institutional clients.
“Especially with MiCA just around the corner, we are looking at passporting in new jurisdictions,” he says.
The Dutch exchange company plans to raise a seed round to expand its business proposition and gain market share.
The road ahead
“For now, we are focusing on optimizing our product and providing the best customer experience in crypto by adding several improvements,” says van der Voort.
According to van der Voort, Prosper is also working on several developments, including establishing better partnerships to further lower their already low rates.
Van der Voort also revealed that the Amsterdam company has plans to add more crypto trading pairs and payment and withdrawal methods. This offers its customers a wider range of options.
The company aims to make Fiat’s entrances and exits even faster, so customers can access their money faster.
In addition, Prosper plans to add Staking (which allows users to earn rewards by holding cryptocurrencies on the platform)
Finally, the company plans to introduce debit cards that users can use to make real-world purchases with their Euro or cryptocurrency balance.
But that is not everything. Prosper now offers an exclusive opportunity for new users. Register today with the code “SILICONCALS” and enjoy a 20% discount on monthly and annual subscriptions.
By taking advantage of this offer you get access to Prosper’s advanced Exchange platform at an even more affordable rate.
Start trading with confidence and reap the benefits of trading with the lowest fee in the industry.