This post is also available in: Deutsch
Cryptocurrency exchange Bibox has added support for Dash InstantSend transactions, and is running a limited-time offer to promote the integration.
Congratulations to #DASH Public Chain upgrade. To celebrate the integration of InstantSend, all DASH transaction fee will be waived @Bibox365 from Sep.27 to Oct.27! @Dashpay https://t.co/g5llBMdSPr pic.twitter.com/7jj93ELpE9
— Bibox (@Bibox365) September 27, 2019
Announced late this week, Bibox, a cryptocurrency exchange servicing primarily Asian markets, has integrated InstantSend support for Dash. As a result, Dash deposits to the exchange will be instantly recognized, instead of the industry standard for cryptocurrency of waiting for several on-chain confirmations, which often can take minutes if not hours. Additionally, Bibox announced a zero-fee promotion to celebrate this innovation:
“During the event, Bibox users can participate in DASH transactions (ie DASH/BTC, DASH/ETH and DASH/USDT) and enjoy transaction fee free benefits!”
The promotion will run from the 27th of September to the 27th of October, expiring at 8pm Beijing time.
The growing list of InstantSend-enabled exchanges and resulting arbitrage opportunities
Bibox joins an ever-growing list of cryptocurrency exchanges that have integrated Dash’s InstantSend functionality into their platforms. This month, Hong Kong-based exchange BitAsset, as well as Vietnamese exchange Bvnex, both added Dash with explicit InstantSend recognition, meaning that deposits to these platforms will be recognized near-instantly, a significant improvement over previous wait times.
Enabling InstantSend provides significant user experience improvement over traditional cryptocurrency payments. For most coins, and for Dash where its special functionality is not recognized, transactions are visible instantly, but are not typically considered as final until they have received several on-blockchain confirmations, particularly for exchanges and other services which may leverage high balances. This could potentially take hours or more, significantly delaying activity on the platform and forsening user experience. Where InstantSend is recognized, this is not an issue as deposits and transactions are recognized immediately. This particularly opens up arbitrage opportunities where a user can quickly remove funds from one exchange and depsoit on to another in time to take advantage of a fleeting price discrepancy between the platforms. Recent analysis showed that Dash transactions on average receive an InstantSend lock in an average of under two seconds, which translates to the time it takes participating services to recognize a Dash transaction or deposit.