Netherlands based exchange, LiteBit recently added a number of cryptocurrencies to their growing list of tokens that can be traded against each other and also against fiat currencies.
The evolution of the Blockchain
Day by day, the Blockchain industry keeps expanding as new Blockchains are being created. Consequently, more cryptocurrencies get introduced into the ecosystem. With about seven hundred Altcoins in existence, awareness and accessibility of tokens of such Blockchains remain a major concern of their owners.
Despite the perceived swell in Bitcoin awareness, and that of cryptocurrencies in general, it is glaring that a high percentage of such knowledge and awareness is hardly beyond a very shallow state.
One thing is knowing about the existence of given cryptocurrencies, another is laying hands on them. A lot of crypto users, despite knowing about the existence of certain tokens are quite unable to access them. Most tokens can only be bought using Bitcoins, this makes it a bit complicated for individuals who may not be very much into cryptocurrencies already.
Christopher Franko, Founder of Expanse and Borderless Technology, says:
“For some of the emerging crypto platforms it’s a real uphill battle for newcomers to get involved with the technology because there are just so many steps to overcome. Most of the time, new users have to go to a Bitcoin exchange, buy Bitcoin, then transfer the Bitcoin to another exchange to get the one they are after.”
The new order
Some Blockchain companies have started initiating processes by which their tokens can be bought directly using fiat currencies.
One exchange that provides the service of transacting across multiple cryptocurrencies, fiat and other forms of virtual currency is Netherlands based LiteBit. Just recently, the exchange added new cryptocurrencies to it list of traded tokens among which is the EXP.
EXP is the cryptocurrency for the Expanse Blockchain. At the time of writing, the cryptocurrency ranks at number 81 on Coinmarketcap, with a market cap of over $1mln.
EXP makes the leap
The leaders of Expanse see the addition by LiteBit as a major step forward in the development of the cryptocurrency, as it would improve accessibility of the token and subsequently enhance its demand.
According to Franko, partnering with Litebit.eu is a step in the right direction for Expanse because their platform acts as a direct bridge from the euro to Expanse. Companies like Litebit.eu are great because they remove that unnecessary friction and lower the barrier to entry.
Traditionally, fiat currencies have remained a highly relevant means of transaction. Whether in its physical state as cash, or electronically, the currency of nations remain the most popular mode of liquidity.
James Clayton, co-Founder at Expanse, tells Cointelegraph that having a direct way for people to also buy with their local fiat is a huge convenience for the investors out there interested in the growing future of any given Altcoin.