The HedgeTrade (HEDG) token has performed better than many big cryptocurrencies in the last year. HEDG token was listed on crypto exchanges beginning in early January of 2019 with the price of $0.14 and has gained a lot of interest from investors in its first year. The HEDG token price is now trading at around $2.40 (21 January 2020).
HEDG token is ranked in the 23rd position on CoinMarketCap and you can learn more about their product on the official website here.
We interviewed the CEO and Co-Founder of HedgeTrade, David Waslen, and he explained how they started the project and what their future plans are. Let’s get started! 🙂
Interview With HedgeTrade CEO David Waslen
Monty: How you get the idea for HedgeTrade?
David: One day I was talking with a friend, Pete Danihel, who is now Co-Founder and Lead Developer of HedgeTrade. He had given me a tip to buy a stock, so I bought the stock and the price rocketed in the next few months. We got talking about how well his trades were performing and he mentioned building a website to post-trade predictions so others could subscribe to get this information.
Initially, we thought of building it where experienced traders can put their calls and people can subscribe to them to follow the lastest calls. But data can be easily manipulated on many of these types of websites and they’re sometimes associated with scams. So then we decided to build this one out using blockchain technology; where data is tamper-proof and visible to everyone.
Monty: That’s Great! So how does the project actually work and how will it help the crypto community?
David: As I explained, the project is based on price predictions that are powered by smart contracts and stored on the Ethereum Blockchain. First, the user needs to create an account on the HedgeTrade platform. Anyone with an account can create blueprints and publish them by staking HEDG tokens. A blueprint is just a trading call (where to buy and where to sell), and the user can put any price for the blueprint.
If someone buys the blueprints and the trade goes according to the prediction, then the blueprint creator earns from the funds raised from those that bought the prediction blueprint. If the trade goes opposite of the predication, the buyers get their money back and the trader loses their stake. So HedgeTrade reduces the chances of scams and the buyer can also see the previous predictions of the traders. So it’s possible to choose according to their success ratio, earnings potential, and other factors.
Monty: Sounds awesome!! I have also seen many people making predictions out of thin air and never refund when the trade call goes wrong. So, can anyone get access to the HedgeTrade platform, or do they need some special invitation?
David: Yes, you need an invite code to join the platform, which you can get by following and messaging us on Twitter. But we are working to open up the HedgeTrade platform to everyone in the upcoming months. When the program is public, we plan to continue making improvements and updates to make it a massive social trading epicenter.
Monty: What are your long term plans for the HedgeTrade platform?
David: First of all, we are planning to add many more assets for traders to use when making predictions. Right now, the platform is only for crypto predictions. In the near future, we will add Forex, stocks, commodities, and sports. We don’t want to limit our platform only to the crypto community. We want to give the benefits to everyone, whether they are in crypto, Forex, stocks or the oil market.
Monty: It looks like the project has a promising future. How many people are there on the team?
David: There are now 30 people on the team with experts in finance, blockchain and web development, markets, and data analytics. We plan to add more team members in the near future.
Monty: Is there any message that you’d like to give to our audience?
David: The crypto market is very new and there’s a lot of room for growth. By checking out our platform today, you can learn about crypto trading from the experts, with an extra way to hedge your risk – with blockchain verified data. So book your seat now, don’t fall behind and join us for the ride!
Monty: Thanks for being here. Have a great day David.