BTSE Offers New Cryptocurrencies Using One Book
There is a new cryptocurrency exchange known as BTSE that is offering new possibilities to investors from all over the world. The platform has been designed focusing on OTC trading. This new system offers multiple currencies in just one book. The US dollar, the euro, and the Japanese yen have all the same liquidity pool.
Jack Li, co-founder of the company said that the main intention of the exchange is to offer a multi-currency platform for every interested investor. He then explained that there are several exchanges that consolidated among the most important ones, but the industry is still fragmented and localized.
This new exchange aims to offer a multi-currency platform and address some of these issues and increase the liquidity.
Users registered with BTSE can select their base currency from USD, EUR, KRW, MYR and PHP, among others. Then, users can transfer their currency to the platform or just trade with their base currency. All the liquidity is sources from the same USD orderbook.
Most of the exchanges that have different markets in a wide range of fiat currencies, do not have liquidity in their secondary markets. This is clearly something very negative for users that are trying to trade using their local currency.
On the matter, Li stated:
“Other exchanges that offer multiple books often struggle with liquidity in their secondary books. This innovation aims to resolve that issue. If a deposit is sent in a currency we do not support, it will automatically be covered at system rate.”
BTSE has also a marketplace that allows verified merchants to offer their services to users. This allows vendors to have a faster turnaround times for deposits and withdrawals. Users have also greater benefits since they have more flexibility.
The company will be offering a fully escrowded delivery versus payment (DVP) functionality that would allow users to determine the terms of their transactions. The exchange would be taking care of the settlement with different security measures.
Moreover, BTSE is working to apply for a Virtual Financial Assets Act (VFFA) class 4 crypto license in Malta. At the moment, the exchange received principle approval to operate in their sandbox environment. Additionally, BTSE has also been granted a commercial trading license and a payment services provider license from the Dubai government.
The company has developed the exchange with the intention to fulfil the needs of the most exigent traders in the market. That includes institutional investors that are searching for reliable platforms to operate. BTSE has decided to place usability and reliability at the core of its ethos.
Some of the features traders would have at the exchange include hidden orders, index pegged orders, the BTSE 5 (core coin), BTSE 10 (altcoin), and the BTSE Single Token indexes. These cover the prices of important virtual currencies such as Bitcoin, Litecoin, Bitcoin Cash and Ether.
BTSE 5 offers an index that covers the values of the 5 largest cryptos and the BTSE 10 index measures the top 10 performing altcoins.