Indodax, one of the leading Indonesian cryptocurrency exchanges and a top verified exchange by the Blockchain Transparency Institute, has integrated Dash InstantSend support for deposits thanks to Dash NEXT and Dash Core Group.
[tweet https://twitter.com/indodax/status/1193755260323532800 align=’right’] According to the announcement post, Indodex serves 1.8 million members in 80 countries and has more than 50 types of digital assets available to be traded. Indodax also provides 24/7 customer support, which further helps their customer base and gain more cryptocurrency adoption. Indodax also has a mobile app to enable themselves to reach a broader audience, which meshes well with the integration of Dash InstantSend that will helps cater to more individuals that need fast and cheap transactions.
Indodax was also included in the list of verified exchanges by the Blockchain Transparency Institute, which evaluates exchanges for legitimacy by analyzing wash trading and ranking the cleanest exchanges. This helps inspire greater confidence in consumers that they are not patronizing exchanges and services subject to market manipulation. Indodax was listed as one of the 13 BTI-verified exchanges with the top cleanest and most wash trading-free records.
Growing popularity of InstantSend
Indodax is the latest cryptocurrency exchange to integrate Dash InstantSend for deposits. Dash InstantSend now occurs by default on all network transactions, with transactions shown as locked-in and confirmed in less than 2 seconds on average with any wallet explicitly recognizing the technology. Exchanges and other similar services, however, must explicitly integrate Dash InstantSend into the platform, rather than use the default configuration for Bitcoin-based cryptocurrencies and wait for on-chain confirmations before recognizing a transaction as finalized. This not only makes buying, selling, and trading cryptocurrency more convenient, but can make a huge difference for traders who need every second to take advantage of arbitrage opportunities, giving an InstantSend-enabled exchange a significant user experience improvement over exchanges that do not.
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A growing number of exchanges in addition to Indodax have been integrating Dash InstantSend. Within the past couple months, BitMart, Cointrade.cx, Bibox, and Bitoffer have begun recognizing instant deposits. Earlier this year, SouthXchange, 3xbit, and Jinance have also added Dash InstantSend support. Even Coinbase, which long excluded Dash from their platform, recognized Dash’s security and speed advantage since they only require 2 on-chain confirmations from Dash versus 6 on-chain confirmations for Bitcoin. After factoring in blocktimes, 2.5 minutes for Dash and 10 minutes for Bitcoin, this makes Dash 12 times faster than Bitcoin on the Coinbase platform, providing a significantly improved experience for Dash users.
InstantSend helps facilitate market arbitrage and liquidity
The integration of instant Dash deposits through InstantSend at platforms such as Indodax opens up arbitrage opportunities for cryptocurrency traders. Arbitrage is the economic and financial term for taking advantage of price differences between two or more markets to make a profit by essentially buying low in one market and selling high in the other market and making profit off the spread. This market occurrence is also valuable to others in the markets since it provides liquidity to a market that currently is suboptimal with an imbalance of supply and demand, illustrated by the different prices. Cryptocurrency exchanges can see quite a wide range of arbitrage opportunities since each exchange has different customers that are located in different target regions, have different active trading hours, and meet various membership requirements. However, the overall goal is to maximize profit and minimize costs and that’s why Dash is targeting traders. As InstantSend continues to expand to more exchanges, more traders are able to quickly enter and exit positions at minimal costs and provide greater liquidity to the cryptocurrency market.