Poloniex Exchange Lists Basic Attention Token (BAT) and Loom Network

Cryptocurrency Exchange Poloniex Lists Basic Attention Token and Loom Network

The famous virtual currency exchange Poloniex continues its expansion plan adding important altcoins to its trading platform. The Goldman Sachs-backed exchange has decided to add support to Basic Attention Token (BAT) and Loom Network (LOOM).

The information has been announced by the Circle Team in a blog post on August 21, 2018. According to the blog post, they have been reviewing five different categories in these two cryptocurrencies, including fundamentals, technology, people, business model, and market dynamics.

At the moment, BAT deposits and withdrawals are live. Trading activities in BAT/USDT, BAT/BTC and BAT/ETH pairs will be enabled later on August 22, 2018 at 16:00 UTC.

LOOM deposits are also live and trading in LOOM/USDT, LOOM/BTC and LOOM /ETH pairs will be available at the same time as BAT’s trading pairs.

What Is BAT?

Basic Attention Token and the Brave browser are working in order to create an infrastructure for decentralized ad marketplaces. BAT wants to remove middleman from advertising and enable an ecosystem where publishers and advertisers are connected more efficiently and transparently according to their needs.

BAT tokens are very important for the decentralized platform and will be used to power a wide range of attention-based services on the Brave browser. We can mention things such as making voluntary contributions to web content creators and rewarding users that decided to be included to receive advertisements.

What Is LOOM?

The Loom Network is trying to add scalability and usability to the Ethereum blockchain. The intention is to enable developers to deploy specialized side chains – also known as dAppChains – that allow large-scale applications to run.

Using Loom dAppChains, developers are able to utilize alternative consensus algorithms in order to achieve a better performance than what is possible just using Ethereum’s blockchain alone.

Poloniex is one of the most famous and important virtual currency exchanges in the market. At the moment, and according to CoinMarketCap, it ranks in the 34th place in terms of trading volume, moving $31.5 million dollars in the last 24 hours.

The most important trading pairs at the exchange are BTC/USDT, ETH/BTC and ETH/USDT accounting for almost 50% of the total trading volume. Additionally, the exchange has 97 different trading pairs available.

Another important thing to mention is that Circle acquired Poloniex back in February 2018 for over $400 million dollars.

Co-Founder and CEO of Circle, Jeremy Allaire explained:

“We never thought of ourselves as a Bitcoin startup. The media certainly classified us that way because we were involved with the technology. From the day we founded the company three years ago we’ve focused on trying to build a new consumer finance company. And one that makes money work the way internet works.”

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