Dash has been added to Qryptos, a cryptocurrency-only exchange with temporarily negative fees in order to generate interest and liquidity.
Qryptos is run by Quoine, an Asia-based cryptocurrency and fintech company, touted as the world’s largest blockchain-based fintech company. Quoine has offices in Japan, Singapore, and Vietnam, and also runs Quoinex, a more traditional cryptocurrency exchange with several fiat trading pairs. The public beta for Dash on Qryptos was announced yesterday:
DASH is available on QRYPTOS (public beta)!
Come on QRYPTOS and Enjoy trading DASH on QRYPTOS!! https://t.co/BZexO9rEHh
— QUOINEX (@QUOINE_Japan) September 13, 2017
Qryptos was launched earlier this summer, and since then has offered temporarily negative fees in order to incentivize rapid growth and liquidity. This is likely a move to compete directly with Poloniex, the leading crypto-only exchange, and Qryptos currently offers a direct comparison in fees between the two of them prominently featured on their site.
Asian markets continue to be a strong point for Dash
Dash has risen strongly this month on a surge of trading from Asia, South Korea in particular. Korean exchange Bithumb’s Dash/won trading pair currently provides almost $6 million of Dash’s 24-hour trading volume, about 21% of Dash’s total. Bithumb currently ranks #2 for volume among all cryptocurrency exchanges, a close second to Bitfinex. Poloniex as one of the more popular cryptocurrency-only exchanges currently ranks 6th. Qryptos could attempt to give stiff competition to Poloniex and redirect more trading volume to Asian markets.
Problems with Chinese markets may shift trading elsewhere
Issues with regulators in China have caused quite a bit of turbulence, which may push markets to exchanges in other countries. Chinese officials recently banned ICO trading, and unfounded rumors of a greater cryptocurrency ban sent tremors through the market. Recently, regulators threatening to crack down on exchanges not in compliance with regulations provoked similar market turbulence, especially after Chinese exchange BTCC announced that they would be closing at the end of the month. As a result of the past week’s issues, Dash’s price has taken a hit from nearly $400 per coin to a present value around $263.
As a large amount of interest and infrastructure for the cryptocurrency world revolves around China at present, that relatively high-regulation environment can cause issues for the rest of the market. Diversification into other countries with less regulatory uncertainty can prove beneficial.