Fiat trading in the cryptocurrency market has become a golden goose. many exchange prefer to stay away from offering crypto-to fiat trading in order to avoid conflict with regulators. For instance, the largest crypto exchange Binance has not yet launched the coveted services. Fiat trading in the crypto market make it easier for customers to purchase cryptocurrencies directly as opposed to buying either Bitcoin or Ethereum first then converting them to the desired digital asset.
The newly launched Canada-based Bitvo announced on October 18 that both Ripple (XRP) and Ethereum Classic (ETC) are live on its exchange platform. Both the assets will trade against the Canadian dollar in addition to other crypto trading pairs. The exchange is slowly gaining traction since its launch, although it had a rough start following a series of technical challenges. However, this is normal for small exchange that are entering the crypto space. Besides, even the large exchanges have problems of their own. The only issue is that the cryptocurrency community is known to be very unforgiving. On the contrary, Bitvo is steadily finding its bearing in the industry and will soon become an exchange to be reckoned with.
The exchange was launched in the spring of 2018 by some of the best professionally experienced individuals in financial services. Bitvo, on the other hand, is not a new firm, it has been in the financial services sector for a while now. The entrance into the crypto market is in line with the vision of having a global economy that is mainly powered by the blockchain technology.
Bitvo exchange platform was designed to offer customers with a seamless process of buying and selling cryptocurrencies. It is secure, safe and simple to use. Moreover, it has a vision to become the best and preferred platform for crypto assets exchange in Canada. Besides the individual customers, Bitvo offers services to corporate and institutional clients as well.
Bitvo launched as a fully-fledged exchange with a mobile platform and an extremely fast website. The transactions on Bitvo process instantly while the icing of the cake is that customers are able to link their accounts to Bitvo cash card for easy access to funds. Using the cards, Bitvo customers are able to access their funds at any ATM point all over the world.
Ripple is a blockchain company based in San Francisco in the United States. It develops systems that ensure secure, faster cheaper cross-border payments. Ripple has been able to transform the global financial sector through strategic partnerships with commercial banks and other payment providers. XRP is the native token issued by Ripple Labs Inc. It is currently ranked the third largest digital asset in the market.
Ethereum Classic (ETC), on the other hand, is an open-source digital asset that runs on a public blockchain. The crypto was launched on the original Ethereum (ETH) code following a hack attack that warranted Ethereum developers to hard fork in order to reverse the stolen funds. However, some developers were not for the idea of a hard fork hence they launched Ethereum Classic (ETC) on the original code.
The listing of both assets on Bitvo will allow the customers to purchase and sell the assets using Bitcoin or the Canadian dollar. Bitvo customers can also chose to deposit ETC and XRP directly into their exchange accounts. The platform now has a total of seven listed assets including Bitcoin l(BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dash (DASH and Litecoin (LTC). The CEO of Bitvo, Pamela Draper said in regards to the new listings:
“The addition of XRP and Ethereum Classic is in response to feedback we are receiving from our customers. We’re excited to add these to our offering. As we continue to listen to what our customers want, we will add additional cryptocurrencies as well as optimize the user experience on our platform.”
At the time of press, Ripple (XRP) is trading at $0.466 following a 3.42% drop in price in a 24-hour period as per the livestream data on Blockmodo. The asset broke the short-term support at $0.47 during the session yesterday. The support at Bitvo has been ignored with XRP/USD correcting lower.
Ethereum Classic (ETH) is exchanging hands at $9.5 and is down 2.16% in the last 24 hours. The cryptocurrency has been stuck in a range below $10.00. Besides, the bulls have given a blind eye to Bitvo’s support. The digital asset is ranked 16th in the market with a market cap of $1 billion.
