CriptoHub Aims To Be “Binance Crypto Exchange of Brazil”, August 7 Launch Date Set
A cryptocurrency exchange based in Brazil called CriptoHub, which was recently referred as the “Binance of Brazil” by the American media, has just announced that it would launch live services on August 7. The company is closing its Initial Coin Offering (ICO) on July 27 after a successful crowdfunding.
During the ICO, the company was accepting investors from all over the world. However, US investors were only accepted if they were accredited investors. The company raised $12 million BRL (a little bit more than $3 million USD), according to the CEO Ramon Vailatti. The goal of the company is to provide the lowest trading fees in Brazil.
The CriptoHub Features
This new exchange will have order book integration from other two major exchanges: Kraken and Bitstamp and will start with a total of 20 trading pairs (but with no fiat currency, you will only be able to trade tokens for tokens). CriptoHub promises low withdrawal fees, which will be less than half of the other competitors, according to the company, and an affiliate program.
The exchange will only be available in South American countries at the launch and it will offer the following list of tokens: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Monero (XMR), Dash (DASH), Iota (IOTA), NameCoin (NMC), Ripple (XRP), Decred (DCR), OmiseGo (OMG), AllVor (ALV), PeerCoin (PPC), SmartCash (SMART), Storiqa (STQ) and the USD Tether (USDT).
One of the goals of the company is to list as many South American coin projects as it can (if they are secure). The company is currently looking for more investments to expand the exchange and build a banking structure to receive and pay fiat currency too.
Crypto Trading In Brazil
Although Brazil is far from being one of the top crypto markets in the world, the size of the country makes it a fairly popular market. The company has several exchanges like Mercado Bitcoin, Braziliex, Foxbit, Bitcoin to You, BitCambio and FlowBTC. Also, it has some international exchanges and Huobi has recently decided to launch an operation in the country.
According to estimates of 2017, Brazilians traded $2.4 billion USD in crypto, which is 1400% more than in 2016.