Bitcoin enthusiasts will be all too familiar with ViaBTC. The company provides a mining pool and a transaction accelerator. Both services are often used by the overall Bitcoin community. However, it now appears ViaBTC wants to become a cryptocurrency exchange as well. The trading platform has launched yesterday evening, and several trading pairs are available already. This is quite an interesting development, to say the least.
ViaBTC Launches A Cryptocurrency Exchange
There is no shortage of cryptocurrency trading platforms all over the world. However, more platforms providing fiat currency trading pairs is never a bad thing. That is exactly what ViaBTC is doing right now. As part of their trading markets, users can trade Bitcoin and Ethereum against the Yuan. It is also possible to exchange Bitcoin and Ethereum intermittently. The bigger question is whether or not there is a demand for these markets, but only time will tell if that is the case.
Launching a new trading platform in China is quite an interesting decision. ViaBTC raised Series A funding earlier this year. It appears this money has been used to build up an exchange platform. The goal is to deliver a reliable cryptocurrency trading platform with a smoother user experience. Focusing on Bitcoin and Ethereum first and foremost is a smart decision. Both markets generate a fair amount of trading volume at any given time.
Unlike other Chinese exchanges, ViaBTC’s new platform allows BTC and ETH withdrawals. Do keep in mind there are limits in place. Users can withdraw a maximum of 10 Bitcoin and 5,000 Ether per day. Those limits are more than acceptable for most traders, though. There is also no fee for withdrawals right now, which is a nice touch. Especially when considering how both Ethereum and Bitcoin suffer from increasing transaction fees.
It is evident ViaBTC wants to expand its presence in the cryptocurrency world. Launching an exchange is a bold decision with no guaranteed chance of success. The company claims to keep deposits in reserve at all times, which is a good sign. It remains to be seen whether or not the company can generate any trading volume to speak of, though. China is not the major trading market it once was, that much is certain.
Header image courtesy of Shutterstock