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Ethereum [ETH] and XRP gain over-the-counter trading support from Coincheck

Priya

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Ethereum [ETH] and XRP gain over-the-counter trading support from Coincheck
Source: Unsplash

Coincheck, one of Japan’s leading cryptocurrency exchanges, announced additional support for the second and third largest cryptocurrency by market cap, Ethereum [ETH] and XRP. In a blog post released on April 15, 2019, Coincheck announced the addition of both the digital currencies to their Over-the-Counter [OTC] trading desk, launched on April 1, 2019.

With the addition of these two coins, the platform currently provides OTC service for the top three cryptocurrencies in the market, with the other currency being Bitcoin [BTC], the largest coin by market cap.

The exchange made the announcement on Twitter (translated from Japanese),

“ETH XRP has been added to the target currency for large OTC transactions! We are pleased to announce that ETH and XRP have been newly added as target currencies at the Large OTC Trading Service, which has started on April 1, 2019.”

Over-the-Counter [OTC] trading service refers to the trading service provided by exchanges, enabling users to buy and sell large amounts of Bitcoin [BTC], Ethereum [ETH] or any other cryptocurrency privately. These transactions are not recorded on the exchange’s order book, enhancing the user’s privacy. Additionally, the over-the-counter transaction ensures that large-scale transactions do not have a massive negative impact on the overall price of the cryptocurrency in the market.



@binnbougamisama, a Twitter user, said {translated from Japanese},

“Isn’t that a good thing? After all, it means that sales are getting harder if you don’t rely on the big thing. In the fact that the speculative is higher finally in the translation that the virtual currency is a large toy”

Prior to the announcement pertaining to OTC trading service, the exchange had released a statement on Bitcoin Satoshi Vision [BSV]. The exchange stated that they would be selling their customers’ Bitcoin SV which it gained after the hard fork in November 2018, and give them Japanese Yen in exchange.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Altcoins

Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla

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Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on Binance.com will be halted for the initial 12-hour migration period, however, trading will continue. The post added:



“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.





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