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Panda Exchange has integrated Dash into their platform, which will expand both cryptocurrency and fiat trading pairs and add exchange-based InstantSend services for consumers.
In their announcement, Panda Exchange said that “Crypto-fiat pairs with euro and US dollar will be available for their users in the European and Panamanian markets” and the “crypto-crypto pairs with Bitcoin, Bitcoin Cash, DAI and TrueUSD” will be available for “every registered and verified user”. Their announcement also highlighted the reasoning for their integration.
“Dash is one of the most promising digital asset for crypto enthusiasts: its scalability is amazing, it is incredibly safe and its trading fees are worthy of consideration. In terms of trading rates and market capitalization, Dash is certainly one of the most profitable assets in the cryptosphere.
Latin America has not hesitated to explore the wonderful opportunities Dash has to offer to this up-and-coming market. Therefore, it is only natural for us to offer trading opportunities with this digital asset to our most valuable asset: our users.”
Panda will also be integrating Dash InstantSend on the exchange to allow “any Dash enthusiast on the platform to operate in the Dash network even faster and safer without any risks or exorbitant trading fees”. This is a significant step since many exchanges that trade Dash do not utilize InstantSend for confirmations in just over a second, however, this feature will soon be automatic for all Dash transactions with 4 inputs or less at no additional cost with the 0.13.0 upgrade.
Importance of increasing Dash’s circulation
As a promotional item, Panda Exchange will be awarding 1 Dash to each of 5 winners that regularly use Dash on the platform between November 21st and December 21st. The winner will be announced on December 22nd through Panda’s and Dash’s social media accounts. Even though the contest is a promotional item, it still highlights Panda Exchange’s recognition of the importance of getting Dash in the hands of users so they can improve their lives. As an example of further enabling wide usage, they do not charge fees for deposits and only charge 0.5% for withdrawals and trades and have relatively small minimum requirements.
They also told Dash Force News that they are committed to getting service in Venezuela and are currently working on possible solutions.
“The exchange is designed to be a solution to the problems of Venezuela, and 98% of the team and owners of panda are Venezuelans so we are motivated to have DASH in the exchange since Venezuela is the number 1 in adoption of this cryptocurrency”
Currently, they know of individuals in Panama and Europe using their platform to buy cryptocurrency and send money back to friends and family in Venezuela. As Dash gains larger liquidity and more adoption, they will begin to reinforce each other and grant greater stability to Dash.
Greater liquidity encourages adoption
One of the initiatives of the Dash community has been focusing on getting more exchanges around the world to integrate Dash, especially with fiat pairs since this increases the liquidity of Dash. Liquidity becomes important in Dash adoption to not only allow consumers to buy Dash, but to also offer peace of mind if they ever need to cash out. While gift card services help, many cryptocurrency users still need fiat to pay many of their bills and purchases, which makes exchanges very important for these individuals. When liquidity is lacking, it not only hinders adoption, but also makes consumers more willing to take a price haircut by quickly accepting unfavorable exchange rates or fees. This also hinders price discovery and increases volatility, neither of which are good for the maturation of the cryptocurrency industry.
Additionally, Dash has become one of the preferred cryptocurrencies of traders because of its fast and cheap transactions, which is ideal for trading and thus further encourages exchange adoption. Aside from getting more exchanges to adopt Dash, the community is also working on getting more levels of the supply chain to integrate Dash so consumers and merchants can pay more of their bills and purchases directly in Dash. As Dash gains wider exchange and usage adoption, it will become even easier for Dash to be used in everyday lives as a decentralized and peer-to-peer digital currency.