Cobinhood cryptocurrency exchange has announced that it will be adding IOTA to its platform. The deposits are scheduled to begin on May 4, but with withdrawals will commence a couple of weeks later. IOTA will be trading against BTC, ETH, and USDT.
Listing of IOTA (MIOTA) on another exchange will significantly increase the trading volumes almost instantly. Additionally, the demand for the currency goes up as the currency opens the doors to a completely new set of investors. The market capitalization of the cryptocurrency increases, boosting the coin up to the ladder to becoming one among the top coins in the market.
Many have been calling IOTA as the first open-source distributed ledger that is being built to power the future of IoT which is enabled by feeless microtransactions. They are committed to delivering access to data that is provably secure and valid which ensures that the blockchain is centered around data.
Recently IOTA’s performance has been off the roof for the past few days, gaining a whopping 180% in a matter of just a month. They have dazzled the crypto world with its constant stream of innovations and developments focused on blockchain as well as IoT, essentially leaving a lasting impression on the minds of both the investors and cryptocurrency enthusiasts out there.
IOTA has regained the 9th spot on the market rankings after replacing TRON, a crypto that had dominated much of the upward trend last week. Now IOTA is firmly in place with a market cap of $6.5 billion compared to TRON’s $5.7 billion. This comes about as a result of a strong push in trading volumes and an overnight price gain of 11%.
The effect of the addition of IOTA to Cobinhood is yet to be seen, however, if all things go presumably right both IOTA and Cobinhood are going to benefit from this development.