Hong Kong-based exchange BitOffer will be integrating Dash with a BTC, ETH, and USDT pairs in addition to Dash deposits and withdrawals.
BitOffer will list DASH and initiate trading with DASH/BTC, DASH/ETH, DASH/USDT trading pairs at 2019/08/05 12:00 (UTC+8). Meanwhile, we will open DASH deposits and withdrawals. We sincerely invite you to participate.😊@Dashpay #BitOffer #Listing pic.twitter.com/sQNCSlWUT7
— Bitoffer_English (@BitOfferEN) August 5, 2019
BitOffer is available in over 100 countries and has over 100,000 users in total. BitOffer currently offers “the unique functions of price alert” and “ROI ranking for investment[s]” and plan to soon offer “the develop[ment] of Crypto ETF, STO service, on-chain token issue and settle[ments]” in addition to digital asset custody.
“About the motivation to integrate DASH, actually it is quite simple. DASH is a high-quality project with amazing potential. We hope that in the future, DASH & BitOffer can share and create a bright future in the area of transfer and finance.”
Their website currently lists their trading fees as -0.025% for makers since “users will get rebates” and their taker fees as 0.075%. BitOffer also does not charge for deposits, but has a withdrawal fee of 0.05 and a minimum of 0.5 for Dash, which at current market price is around $5.40 USD withdraw fee and a minimum of $54.00 withdrawal. BitOffer will also be integrating Dash with InstantSend support, which is now automatic for all Dash transactions, but the exchange still has to be programmed to recognized the security of Dash InstantSend and accept the transaction as secure after seconds rather than minutes.
Another InstantSend-supporting exchange addition increases arbitrage opportunities
The addition of BitOffer with InstantSend support strengthens the ecosystem of supporting Dash exchanges, opening up arbitrage opportunities between exchanges. Dash transactions are both instantly settled and instantly respendable, instantly delivering more security than other cryptocurrencies can achieve across hours. This creates a perfect use case for arbitrage across exchanges, as users can withdraw, deposit, and transfer funds instantly, whereas exchanges typically require many on-chain confirmations before recognizing a transaction as secure. With a list of dozens of exchanges and growing, the instant arbitrage use case is becoming more powerful.
Dash currently holds a trading volume of $164.58 million in the last 24 hours according to CoinMarketCap. This puts it in the top 15 by trading volume, which includes stablecoins such as Tether, TrueUSD, and Paxos. An increasing popularity of InstantSend-supporting exchanges may see this number trend upwards.