DRIVE Markets Introduces Collateral Trading Fashioned for Cryptocurrencies on Its Exchange
One of the biggest crypto exchanges outlets – DRIVE – has announced the inception of a new product dubbed as collateral trading that dabbles with digital assets. The new top-of-the-line service implies that users and clients can conduct spot trading in Litecoin, Bitcoin Cash, Ethereum, and Ripple.
Though it can't be said or labeled as groundbreaking, one of the most significant features of this trading outfit will be the convenience of trading a cryptocurrency without necessarily having to buy it. In other words, unlike what happens with other exchanges, you don't need to have that particular digital currency in your wallet just to trade it. This, of course, will go a long way in helping users save money and time that is usually incurred in exchange fees, transaction costs and market spread. It will also lessen significantly any negative impact that a market spread can have on the position of the buyer.
In addition of this kind of collateral to DRIVE, traders and investors can deposit digital money such as Bitcoin and trade in physical Ripple against fiat currencies such as the US dollar. ANs as the Director of Product, Ade Onigbanjo, explained a few days ago, all this will be possible without one having to trade in Bitcoin in preference for Ripple. In other words, this gives way to seamless, less costly and more straightforward avenue for both investors and traders as far as missing opportunities in the prevailing market goes.
DRIVE Markets has been trying to tap into the unexploited institutional digital money markets ever since it was launched a few months ago. After this launch, the operator in charge of the exchange teamed up with Gold-i to give rise to a whole suite of solutions that are tailored for high-volume-high-frequency traders that intend to enter the uncharted cryptocurrency waters.