The year 2016 has been quite a good one for the majority of cryptocurrency exchanges around the world. Bittrex, one of the prominent exchange platforms for cryptocurrency, has added a dozen new coins in the second quarter of 2016. Interestingly enough, they are the only platform to list all top 20 cryptocurrencies in the world.
With the vast plethora of alternative cryptocurrencies in existence today, exchange platforms have to expand their offerings. But at the same time, they also need to be selective regarding which coins they add. Just adding any currency may backfire in the long run, and Bittrex has been rather careful with the additions.
Bittrex Focuses On Trustworthy Coins
Bittrex wants to position itself as the next-generation digital currency exchange. By adding twelve different coins in Q2 of 2016, they are now the only exchange to list all top 20 cryptocurrencies. The list of recent additions includes altcoins such as The DAO, Lisk, STEEM, Waves, and others.
Both Waves and Lisk are among the most popular additions so far. Bittrex was also the first platform to list both of these currencies on an exchange. Interestingly enough, they both became top-ten currencies within mere days. Waves and STEEM trades on Bittrex represent close to 95% of all trading activity.
Bittrex CEO and Co-founder Bill Shihara told the media:
“Bittrex continues to support innovative technology and business models on the blockchain, and we’re proud of the growing variety of options we provide our users. Each token is vetted thoroughly before we add it to Bittrex, and fair price discovery of tokens helps secure these networks and demonstrate market support in their use cases.”
With the cryptocurrency landscape evolving every single minute, exchange platforms need to keep on their toes at all times. Supporting new and established cryptocurrencies is of the utmost importance to any company active in this space. At the same time, exchanges have to perform compliance audits on new coin launches as well.
Header image courtesy of Bitcointalk