Why have a nonprofit exchange?

Cryptocurrency exchanges can make $100's of millions in profit in a single quarter. One might expect exchanges could afford to have the best customer service and user experiences. But one does not have to go far to find a laundry list of complaints for these exchanges. Why aren't these companies investing more in making a stellar user experience? One reason is that the customer isn't the only one who sets priorities. The owners and shareholders demand and extract profit. As for profit entities, they have a fiduciary duty to advance interests of the corporation, even if it means sometimes making decisions against the consumer's interest.

Nonprofits are different. They have no owners or shareholders. No one is entitled to any profit. In fact, a nonprofit is not allowed to share its profits with any individual. Of course, a nonprofit is allowed to pay its employees, but that pay must be *reasonable*.

This allows non profits to be member or consumer driven. It is common knowledge that credit unions are better than banks. They are nonprofits and therefore able to deliver a better product.

The nonprofit cryptocurrency foundation, NCEF, wants to do to the cryptocurrency exchange market what credit unions do to the banking industry: offer a better product that is consumer focused because it has no owners or shareholders. NCEF isn't profit driven and needs donations and volunteers from members of the community who are also not profit driven. NCEF can't raise money from shareholders, it must rely on donations. When NCEF is granted its 501(c)(3) status, these contributions will be retroactively tax deductible pending a favorable decision form the IRS.

All of NCEF's work will be open source. This means when you donate to NCEF, you aren't just helping NCEF, but the entire community. Anyone will be able to use the source code developed. All legal and business knowledge will also be made available to the community.

Donate now or volunteer and be a part of creating a community of exchanges with lower fees and better service.