Dash has been added to Australia-based exchange Jinance, including support for InstantSend transactions.
Welcome to Australia! https://t.co/NOF7rCEeEU
— Jinance (@au_jinance) April 10, 2019
This week, Jinance, an Australia-based cryptocurrency exchange, integrated Dash into the platform, including the addition of AUD-Dash direct fiat trading pairs. Notably, Jinance has integrated Dash with InstantSend receiving functionality, meaning that deposits in Dash to the platform are recognized as confirmed instantly, rather than the typical cryptocurrency exchange experience of waiting for many on-chain confirmations before trading.
Jinance was founded in 2017 under the name String Exchange, and is a AUSTRAC-regulated exchange.
InstantSend’s arbitrage opportunities
The addition of Dash to Jinance expands potential fast arbitrage opportunities between exchanges due to InstantSend support. Jin Chen, Jinance Founder and CEO, sees InstantSend as an important element to making exchanges more efficient:
“At Jinance, we believe that helping people to simply and easily access and enter the cryptocurrency realm is the most effective and practical way to spread knowledge about blockchain industry and realize its powerful potential, and Jinance is a hub designed to do just that and more. We are happy to see more innovations such as Dash’s InstantSend that further promote transaction efficiency.”
Last week, sporks 15 and 16 were activated representing the final stages of the major 0.13 update, including the activation of InstantSend instant transaction locking by default for nearly all transactions. This means that about 90% or more Dash transactions are essentially confirmed instantly, whether or not the service or wallet sending the transaction has explicit InstantSend support. This means that, when using correctly configured exchanges, traders can instantly move funds on and off, or across, the platforms, both lowering risk of loss of funds by controlling private keys more frequently, as well as opening up to arbitrage opportunities across exchanges, where Dash can instantly be moved from one to another.
Several exchanges explicitly recognize InstantSend deposits, such as Bitbns, Panda Exchange, and DigiFinex.
Expanding Dash’s liquidity and access in Australia
The addition of Dash to fiat trading pairs by Jinance facilitates the expansion of Dash adoption in Australia. Ryan Taylor, CEO of Dash Core Group, sees the Jinance integration as an important foothold in the country:
“Listing on Jinance with InstantSend is a big win for Dash and our Australian users, as we continue to extend that technology into new markets globally. Australia has emerged as an influential market for the cryptocurrency space, which is why we’re delighted to be able to offer an easier way for the country’s crypto community to buy and sell Dash using local currency. We hope to continue our momentum of partnering with leading exchanges and expanding our InstantSend acceptance to allow users to experience Dash’s speed and convenience.”
Australia has a noteworthy cryptocurrency scene with relatively high levels of merchant adoption. TravelByBit, a payment processor accepting several cryptocurrencies including Dash, focuses on the travel industry, making headlines for partnering with the Brisbane airport to make it the first fully crypto-friendly airport. TravelByBit has greatly assisted cryptocurrency adoption in the region by serving as a payment processor. At present, over 100 Dash-accepting businesses are listed on Discover Dash in Australia, with the heaviest concentration around the Brisbane area.