Competition in the cryptocurrency industry can often be considered to be a good thing. This is especially true when it comes to cryptocurrency trading platforms. Coinstocks is an interesting creature to keep an eye on in this regard. The company doesn’t require registrations, yet offers USD-based trading for multiple currencies.
It is evident people want to buy and sell cryptocurrencies. Doing so requires a bit of effort these days. Centralized exchanges are often the go-to solution in this regard. However, they require users to sign up for an account and go through a verification process. Additionally, users are then still limited to a handful of payment methods they can use. Solving that problem is not easy, but with some good competition, it can happen pretty quickly.
CoinStocks is an Interesting Platform
OTC trading platforms pose an interesting challenge in this regard. They connect buyers and sellers directly without the need for intermediaries. Platforms such as LocalBitcoins allow for a wider range of fiat currency-based payment options as well. Bringing this concept to centralized exchanges will not be easy. Coinstocks may be on to something in this regard.
Albeit the platform is still in beta, it offers some interesting solutions. With its support for various cryptocurrencies and tokens, a lot of trading pairs can be created. Right now, CoinStocks supports 0x, Qtum, OmiseGO, Tronix, EOS, CoinStock, XRP, and Ethereum. However, the biggest currency is the US Dollar, which enables fiat currency trading for all of these currencies.
When the final version of CoinStocks launches, all of these currencies will be traded against the US Dollar as well. For now, it is limited to the testnet, but it’s still an interesting concept regardless. Combined with how this platform doesn’t require users to sign up, it will be an interesting platform to keep an eye on.. More competition in the exchange space is definitely a positive trend altogether.
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