Blockbid was an Australian cryptocurrency exchange project founded in 2017 and officially launched in 2018. Its core objective was to create an ultra-secure trading platform designed to support the widest range of cryptocurrency transactions through single sign-on and achieve the highest trading volume.The platform also promised to offer fixed trading fees as low as 0.1% and provide 95% insurance coverage for user assets to protect against cyberattacks or financial crimes.
Key Features and Objectives of Blockbid
- One-Stop Trading: Blockbid aims to address the pain points users face when transferring funds and registering across multiple platforms, allowing users to trade multiple mainstream cryptocurrencies on a single platform.
- Security: The platform emphasizes its “ultra-secure” nature, employing the latest security protocols and designs, and plans to partner with companies such as LexisNexis Risk Solutions and ThreatMetrix to enhance security through authentication, KYC (Know Your Customer), and fraud prevention solutions.
- Asset Insurance: Blockbid pledges to insure 95% of cryptocurrency assets to protect users from losses resulting from potential cyberattacks or financial crimes.
- Low Transaction Fees: The platform has set a fixed transaction fee rate of 0.1%, aimed at reducing users’ trading costs.
- Compliance: Blockbid plans to comply with Australia’s AML/CTF (Anti-Money Laundering/Counter-Terrorism Financing) legislation and become one of the first cryptocurrency exchanges to operate under an Australian Financial Services License (AFSL).
- High Scalability: The platform claims it can scale to process 1 million transactions per second.
BID Token
The native token of the Blockbid project is BID, an ERC-20 standard token with the contract address Ethereum 0xdd5151dA2Ab25566e1d2A3c9A3E77396303f8A93. During its Initial Coin Offering (ICO), the exchange rate for BID varied by week; for example, it was 1 ETH = 360 BID in the first week and 1 ETH = 300 BID in the final week.
Current Status of the Blockbid Project
Although Blockbid set ambitious goals and secured initial funding, the project faced operational challenges. According to public information, Blockbid entered voluntary administration in November 2019, which ultimately led to its closure.
Note on “BlockidCoin (BID)”
It is worth noting that there is currently a cryptocurrency on the market called BlockidCoin, which also uses BID as its token symbol. This project was launched in 2020 with a total supply of 60,000,000 tokens. It is currently traded on a few active markets, but trading volume is extremely low. BlockidCoin is not the same entity as the aforementioned, now-defunct Blockbid trading platform project. Users should exercise caution when researching or investing to avoid confusion.
In addition, there are other platforms named “BlockBid,” such as a marketplace focused on local auctions and same-day pickup, as well as a website offering cryptocurrency auction services; these are also distinct from the original Blockbid trading platform project.
