Cryptocurrency exchanges are always looking to gain a competitive edge. In the case of BTCC, one of China’s major Bitcoin exchanges, branching out to a new platform seems to be the right way to go. The company recently launched their BTCC DAX platform, which serves as a full-fledged cryptocurrency exchange. The first trading pair on this platform is ETC/BTC, which caught some people by surprise.
A Closer Look at the BTCC DAX Platform
It is always quite interesting to see how cryptocurrency exchanges operate. More specifically, a lot of exchanges support fiat currencies, whereas others may not necessarily do so. This is quite an interesting development, although supporting fiat currencies would require specific licenses in most countries. Launching a pure cryptocurrency exchange can be subject to some laxer regulatory requirements.
However, a lot of companies try to do both at the same time. BTCC is doing exactly that by launching their new DAX platform. This news caught a lot of people by surprise, though, as it was not something the market anticipated at this time. Then again, the Chinese company saw a market opportunity and plans to take full advantage of it moving forward. That said, the BTCC DAX platform will be well worth keeping an eye on, that much is evident.
What this platform will do is allow users focus on trading cryptocurrencies only. There will be no fiat currency support for the time being, although the regular BTCC platform will continue to support fiat currencies without any issues. It is also worth mentioning the number of trading pairs on BTCC DAX will be fairly limited for the time being. As of right, there is only the ETC/BTC pair, which is another surprise by the BTCC team.
A lot of people had expected this platform to launch Ethereum trading from day one. Given Ethereum’s popularity in China, that would make a lot of sense. Then again, BTXX DAX feels Ethereum Classic has a better chance to generate initial volume for this new platform. Considering how the Ethereum price has fallen spectacularly in recent days, this could be the right choice in the end. It is always possible ETH/BTC trading will be added to the platform in the future, though.
It is also worth noting the BTCC DAX platform is fully supported by the BTCC customer service team. Traders can contact support around the clock and they will be aided as soon as possible. The goal is to respond to open tickets within twelve hours, although your mileage may vary based on how popular the platform becomes over time. New clients will need to go through an onboarding process, albeit it seems this should take a few minutes to complete.
In the end, it is good to see new platforms such as BTCC DAX come to fruition. There is a growing need for popular cryptocurrency trading solutions. Altcoin exchanges such as Bittrex and Poloniex will always be popular, but BTCC DAX may prove to bring some very stiff competition to the market in the coming months. It will be interesting to see how popular the platform becomes, as trading goes live later today. It may also provide a significant boost to the Ethereum Classic price across exchanges around the world.
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