Categories: Bitcoin Business

GDAX Exchange Brings Ether Trading to the State of New York

Click here to view original web page at www.newsbtc.com

It is apparent the GDAX exchange is looking beyond bitcoin to further establish its presence. While giving users an option to buy and sell bitcoin is a great step, it is only part of the company’s agenda. As of yesterday, the company added support for Ether trading in New York state. An intriguing development, that much is certain.

GDAX Is one of the few companies with an active BitLicense. The State of New York introduced this regulatory requirement some time ago. However, since its inception, very few companies have actively received their BitLicense. That being said, having this license allows GDAX to slowly expand its cryptocurrency trading presence in the area. Supporting bitcoin is only the first step along the way for whatever it is the company has planned.

GDAX Continues To Move Forward In New York

To be more specific, GDAX has enabled Ether trading in the State of New York. While it may sound strange the company issues a special announcement for this change, it goes to show New York remains a bit of an uphill battle. Cryptocurrency companies have to tangle with regulators to make sure everything is done according to the rules. Any victory in this regard deserves a special announcement, as brief as it may be.

As of yesterday, GDAX users can trade Ether against the US Dollar and bitcoin. It is possible additional trading pairs and currencies will be added over time. For now, the company has not hinted at such an expansion, even though it only appears to be a matter of time. Since Ethereum is not a direct competitor to bitcoin, it makes a lot of sense to offer support for both of these currencies.

This news also highlights demand for alternative cryptocurrencies continues to grow. Bitcoin’s market share of the cryptocurrency ecosystem continues to decline, which is not entirely surprising. In fact, bitcoin’s value is on the decline as well, although no one knows for sure what is going on exactly. Cryptocurrency holders are diversifying their portfolios with Ethereum and other currencies, that much is certain.

It remains to be seen how popular Ether trading will be in New York state, though. The region’s “opposition” to cryptocurrency is not a positive development. Then again, with companies such as GDAX making a positive impact, the ship can still be turned around. Given Ethereum’s popularity right now, interesting things are on the horizon for this exchange. The bigger question is whether or not they will enable support for additional currencies in New York state moving forward.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Elizabeth White: Helping merchants join the Bitcoin vision

A huge part of making Bitcoin SV (BSV) the new currency of exchange for the world is in developing real… Read More

2 hours ago

‘Youngest Bitcoin Millionaire’ Willing to Stake it All on Metal Pay

Metallicus, the startup behind the peer-to-peer payments platform Metal Pay , received an undisclosed angel investment from the youngest bitcoin… Read More

2 hours ago

Privacy Crypto Dev Attempts to Expose Self-Proclaimed Bitcoin Creator

Anonymity and privacy are extremely important in the crypto industry. The original crypto that the entire industry is based on… Read More

2 hours ago

Bitcoin’s 2019 Gains Not Fuelled on Chinese Capital Flight Onlyh, Claims Circle CEO

According to Jeremy Allaire, the price increases in Bitcoin since the beginning of the year were driven by more than… Read More

2 hours ago

CZ Claims Binance’s Venus Stablecoin Project to Help Facebook’s Libra

Many deem Binance's newly announced Venus stablecoin project as a competitor to Facebook's Libra crypto. But Binance's CZ says otherwise.… Read More

2 hours ago

Bitcoin’s Satoshi Reveal Part 2: Lost Private Key, the CIA, & the Godfather

In part two of his 'Satoshi reveal', self-proclaimed Bitcoin creator Bilal Khalid unveils where all his bitcoins are and much,… Read More

2 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More