The cryptocurrency sector is populating with exchanges on a daily basis. However, it takes a sound business model to hold ground and compete favourably. In this light, PayBito surges past 1 million mark in the daily trading volume. For a new entrant in the market, this is quite an achievement.
PayBito is a cryptocurrency exchange under the management of HashCash Consultants. The exchange is one among the newest players in the field already dominated by big names like Coinbase. However, the exchange has an excellent business model that promises much more potential in future performance.
Basically, the exchange consists of two versions each serving a select niche of traders. First there is the PayBito Pro version. In particular, this platform makes it easier for users to trade virtual currencies. This acts as the “Trading Version” of PayBito.
In essence, this means that PayBito Pro works more like an open order book. This is to say that traders can carry out peer-to-peer transactions over the PayBito exchange platform. Further, the Pro version will enable traders to determine the conditions under which they want to execute their trades.
On the other hand, the PayBito Basic version is the “Retail version” where trades are subject to market conditions. In essence, this version is the opposite of the Pro version where it supports closed order books.
In particular, users of this version operate under the dictates of the market. For instance, the traders cannot decide how their trades should behave. Rather, the market decides from pricing to all other crucial conditions. Therefore, as PayBito surges past 1 million mark, this could be testimony for the excellence of their business model.
Interestingly, the exchange incorporates other services where it offers off-the-shelf crypto exchange software. With this software, other entities can run their own exchanges without having to build it from scratch. According to Raj Chowdhury, MD of HashCash:
“Enterprises are looking for off-the-shelf cryptocurrency exchange software and they find PayBito to be a great fit for their needs. We enable them to run their own exchange without having to go through the development cycle of building one.”