A popular crypto exchange based in Hong Kong, Bit-Z, has listed Ripple's XRP today. We often report on things that happen with the cryptosphere. Not today. Today it's about one of the big boys.
Bit-Z is a cryptocurrency exchange based in Hong Kong since 2016. It has a physical presence in 10 different countries, mainly in Asia (South Korea, Japan, Singapore). Tokeninsight (a professional assessment agency) considers it to be the world's most important. The company is a lot more than a simple cryptocurrency exchange. It also works in social networking, games, finance and electronic commerce. Lots of fingers in lots of pies.
Bit-Z, who has listed Ripple's XRP just today, used to be very much the same way as most of the world's crypto exchanges. Bitcoin, by which we could get a single trading account which is essentially useful to buy or sell. You have been able to verify your account through your mobile phone.
If several digital assets are available at Bit-Z, before a few weeks ago, you will not be able to buy Bitcoins from your wallet to your account on the website. Then you would trade Bitcoins for any other coins available.
If you've been involved in crypto as a retail investor, you'll know that this is the way in which most exchanges work. Bitcoin at the start. Bitcoin at the start.
Even before listing Ripple's XRP, Bit-Z was already ahead of the curve because it offered something called "OTC Trade" in which you can use USD or Chinese yuan to buy ETH, BTC or LTC.
These purchases are done off the exchange service, but you have them, you can transfer them to your Bit-Z account. And they take a wide variety of payment methods such as wire, cash deposits, AlyOPay, Moneygram, Neteller, WeChat, PayPal, and Western Union.
The information presented can be innovative in opening the crypto horizons to all types of users who are not experts in blockchain technology or digital assets. And now, it's taken another step beyond most competitors.
– Leonidas (@LeoHadjiloizou) November 20, 2018
So, the announcement says today, Bit-Z will be supporting Ripple's XRP for trade and exchange. Not only that, it will not be paired with Bitcoin or other cryptocurrencies only.
This can be a game changer, because it is very short for the possibility to buy XRP directly (instead of exchanging it for Bitcoins) and XRP is quickly becoming one of the world's most important currencies.
XRP has been the coin that's been held during the last week's market debacle; it's dethroned Ethereum for the world's second spot concerning market capitalization despite the mess we've attested over the last few days. It was last year's most profitable asset.
This is excellent news for XRP, Bit-Z, and lots of users – so we congratulate both entities on the new stride that will consolidate them as both of the market's leading players.
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Disclaimer: This article should not be taken as an investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not holdings in some of the coins or tokens they cover. Please conduct your own research before investing in any cryptocurrency and read our full disclaimer.
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