The competition is growing in the world of Bitcoin and cryptocurrency exchanges. More and more platforms are trying to secure their spot among the market leaders, and HaoBTC has decided to launch a brand new CNY-BTC exchange.
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Cryptocurrency aficionados will have heard of HaoBTC before, as it is one of the many Bitcoin wallet providers available today. Although the company has been flying under the radar for most people, they have a decent track record so far. But it looks like the company has decided to expand their offering by launching a new exchange.
Most of the Bitcoin trading volume is originating from Chinese traders, as we discussed in yesterday’s article. But there are still very few exchanges offering a direct BTC-CNY conversion, and HaoBTC has noticed there is a gap in the market waiting to be filled. This is why they have launched their new platform, in the hopes of becoming a respected player on the BTC-CNY market.
Adding a Bitcoin exchange offering to their platform may turn out to be a very smart decision by the HaoBTC team, though. Whereas most other cryptocurrency exchange platforms focus on adding local markets, they have a hard time to integrate CNY payments. That story is quite different for companies originating from China, although finding willing partners might be a struggle.
China has always been rather narrow-minded when it comes to regulating Bitcoin. All third-party payment processors have been advised not to deal with Bitcoin platforms, and it remains unknown as to how banks feel about dealing with cryptocurrency companies. Then again, large exchange such as Huobi and BTCC are doing just fine in China, so there must be some “secret key” to crack the code.
From the information we have received, it appears the HaoBTC exchange offering is still in beta, and users are welcome to test and trade to their hearts’ content. It will be interesting to see how the company plans to provide enough liquidity for this market, though, as very few details are released regarding the
Source: Twitter
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