European cryptocurrency exchange Bitpanda has added Komodo (KMD) to its platform as part of its ongoing mission of expanding its portfolio which has been going on since last year.
The announcement by the Austria-based crypto exchange revealed that Komodo is the latest digital currency to be added to its portfolio. According to Komodo co-founder Eric Demuth, the digital currency was scheduled to debut on the platform on June 12. This marks a significant step forward for Komodo which considered one of the most advanced digital assets. Its adoption by the cryptocurrency means it will be paired with the likes of EUR and USD and this is vital especially towards encouraging more adoption of the cryptocurrency.
Many analysts believe that Bitcoin (BTC) might end up losing its dominance if fiat currency pairs become more popular. Some traders only buy Bitcoin so that they can use it to buy other altcoins on crypto exchanges.
Once the coin is added, users will only be able to buy and sell it. However, full wallet integration is expected to happen further down the road. Komodo’s team played a key role in the success of Bitpanda’s Pantos ICO. The two organizations usually work together on blockchain projects.
Komodo’s performance has not exactly been stellar especially in the past three years. In fact, the cryptocurrency has for the most part been bearish. The value of the digital coin was at $1.9 at the time of this press, meaning it has dropped by more than half its peak price in March which was around $4.35. It peaked out at around $11.6 in December last year.
It is currently not clear whether the new listing will end the bearish reign and result in a reversal although there has not been any noteworthy positive price movement since the announcement was made. This perhaps has a lot to do with the fact that it is one of the cryptocurrencies that are not so popular. Most of its trading volume takes place in the European market and most of its trading volume takes place on the Binance cryptocurrency exchange.
Komodo relies on a Delayed Proof-of-Work system and is operated on Bitcoin’s blockchain. The system and its blocks allow a high level of security in its transactions while maintaining a high degree of efficiency. KMD runs its operations through side chains and it uses a system of Notary Nodes to form the valid distributed ledger. The state of the ledger is analyzed and verified within a Bitcoin block. The KMD digital coin also facilitates anonymous payments.
The Bitpanda crypto exchange plans on regularly adding new coins to its platform especially after the launch of Bitpanda 2.0 and the PAN tokens airdrop. Additionally, users will be able to purchase the coins directly using debit cards. IOTA (IOT) is expected to be the next cryptocurrency to join the platform and its launch date will be June 14.The decision to rapidly bring new coins on board might be a sign that Bitpanda is gearing up to compete with major crypto exchanges such as Binance and Coinbase. It could also be aimed at improving the overall user functionality and ease of navigation.
Disclaimer: Nothing in this article should be construed as financial advice in any way, nor as an encouragement to engage in cryptocurrency trading activity. This article was not sponsored by any entities or companies mentioned in the article. The only purpose of this article is to inform/educate on the topics discussed in the article.
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