Bitfinex added three new Tron TRX/Fiat pair to increases fiat’s direct exposure

Leading crypto exchanges have been shy of adding fiat pairs for altcoins as the compliance and regulatory requirements rise significantly. But slowly these exchanges are realizing the advantages and need of these Fiat/Crypto pairs to tap new customers and hence have started adding newer and newer fiat-based pairs in their offering. According to the latest announcement, Bitfinex has added a 3 new fiat pairs for Tron.

Tron’s exposure to newer fiats may increase liquidity

According to the recent announcement by Bitfinex, the exchange has added a number of new fiat trading pairs for Tron (TRX). Now, newer pairs for Tron, namely TRX/JPY, TRX/GBP, TRX/EUR will be traded on Bitfinex providing additional liquidity to the coin that the newer investors would bring in. According to the announcement

“This is a comprehensive expansion of our product offering to accommodate for a growing global trading market and increase engagement with a number of international monetary markets. With the addition of the above fiat markets, it is our continued aim to improve digital asset market liquidity and stability. “

The addition of these new trading pairs to Bitfinex will facilitate improved accessibility and convenience for traders, unlocking greater levels of liquidity for the exchange and the cryptocurrency market as a whole. The introduction of a greater number of crypto-fiat trading pairs, and the subsequent reduction of the reliance upon BTC as a medium of exchange will work to greatly benefit traders while reducing the associated costs in buying Tron — in terms of both time and money — of trading digital assets.

Tron (TRX) is a coin that strives to construct a global free content entertainment system utilizing blockchain technology to allow each user to freely publish, store and own data. Tron lays the foundation for the distribution and subscription of content, empowering content creators as well as forming a decentralized content entertainment ecosystem.

Fiat pairs-a solution to a lot of problems

Although Fiat pair does bring in newer investors to cryptocurrency it also solves a lot of problems that are associated with trading BTC pairs. Some of the problems in trading BTC pairs are as

  • It is excessively slow — Using an intermediate is obviously going to take more time, but often it is not as simple as making two trades. Due to the lack of exchange options in my countries, traders have to use one exchange to buy BTC before transferring it to an exchange with the needed trading pair.   
  • It can be expensive — the volatility of the cryptomarket means prices can fluctuate wildly in just a matter of minutes. BTC is capable of dropping 2–5% in value in one hour. Traders holding bitcoin before their altcoin trade can lose significant assets due to this intermediary process. Some exchanges also charge fees for transferring cryptocurrency to another exchange.
  • It ties altcoin value to BTC — As there are only a few options for entry and exit to the market (usually BTC, sometimes ETH, LTC), altcoins will be majorly affected by the fortune of these dominant coins. When BTC price falls, altcoins are highly likely to fall, too. The lack of fiat-to-coin trading pairs straps altcoins on the BTC rollercoaster.
  • Hard to keep funds secure — if simply put, the greater the movement of assets, the greater the risk of losing the coins due to errors, omission, and frauds

Fiat- crypto pair is easily the most common method of buying cryptocurrency and for newer investors to enter crypto markets. With exchanges slowly listing newer and newer pairs for fiats and cryptos one can expect more new money to enter cryptos.

Will Fiat Crypto pair increase liquidity for Tron and also get in new investors? DO let us know your views on the same?

The post Bitfinex added three new Tron TRX/Fiat pair to increases fiat’s direct exposure appeared first on Coingape.


Please enter your comment!
Please enter your name here