Stronghold Adds XRP Pairs But Drops some XLM Pairs in the Process
Stronghold exchange, in its latest announcement, revealed, that it has added two new trading pairs for 3rd largest digital asset XRP. XRP has been added against Bitcoin (BTC) and got a fiat pairing with USD.
“Because we're committed to offering customers competitive pricing and efficient trading, we recently added XRP/USD and XRP/BTC markets to our exchange.”
Stronghold CEO Tammy Champ took to Twitter to share her excitement for adding XRP market.
— Tammy Camp 👩🏻💻 (@TammyCamp) February 28, 2019
Stronghold offers multiple services to its users as its hybrid trading platform that reportedly has a regulatory framework allows the users to trade while its Stronghold USD (USDS) is a one-to-one asset-backed US Dollar token endorsed by IBM. The platform APIs enables a programmatic way to accept and make payments, trade, and create wallets.
Trouble In The Paradise?
According to the data provided by Coinmarketcap, Stronghold manages the daily trading volume of $1.15 million. It had 10 active markets involving Bitcoin, Ethereum, Litecoin, and Stellar but while adding support for XRP, the exchange removed four trading pairs out of which three belongs to Stellar against Bitcoin, Litecoin, and Stronghold digital assets.
The exchange took to Twitter to announce,
“We no longer support the following trading pairs: XLM/BTC, XLM/ETH, LTC/ETH, and SHX/XLM”.
Well, users were seemingly upset as one XLM enthusiast, Jared Duggan said,
“What in the world! You are an anchor on the stellar network and you are dropping xlm pairs???”
“Removing XLM/BTC, adding XRP/BTC and talking about USD trading pairs? Are you for real?”
While another one called out,
“Imagine if exchanges on the stock market accepted bribes to add/remove stocks. Can't wait for regulation.”
And another one had this to say,
“XLM has no need for stronghold xchg! STELLAR XLM are using Anchor USD USDX. This is the first totally seamless integration that allows any Stellar application to provide USD DEPOSIT and WITHDRAWAL directly from their users BANK accounts!”
Stronghold is an anchor that means it is basically an entity that is entrusted to hold deposits and further issue credits into the Stellar network for those deposits. Anchors act as a bridge between the Stellar network and the existing currencies. In simpler terms, Stronghold is like your local bank operating under its parent bank that is Stellar network.
Not long time back, Stronghold has shared “Stellar + Stronghold = Power Couple,” and now that it has dropped XLM pairs, users are asking for an explanation but the exchange has yet to give any reply on this change and the decision to drop the XLM pairs.