Bitbns is without a doubt the top Indian exchange in terms of number of crypto assets offered for trading. With 54 assets and all paired with INR, Bitbns can double the number of trading pairs by just introducing BTC based trading.
The exchange caught the community by surprise when announced the listing of USD tether (USDT) in their next batch of coins. PundiX (NPXS), Lisk (LSK) and Ethereum Classic (ETC) being other three.
Tether (USDT) , Pundi X, Ethereum Classic & Lisk – Deposits are live now ??
— Bitbns (No, not giving away ETH) (@bitbns) June 21, 2018
USDT is a stable coin, the value will be equal to a US Dollar. While other exchanges are moving to a crypto-to-crypto model with BTC, ETH and XRP trading pairs, it seems like BitBns is transitioning with USDT pairs.
People can hold their funds… easy to arbitrage… Crypto (to) crypto thing is difficult for people to understand. Your profit depends upon 2 coins in a trade… We can try some USDT pair in future. I hope it will still be better than (other) crypto-crypto.
Prashant Singh, Co-founder, BitBns
Prashant’s words have merit. Instead of INR, you can always calculate the value in USD which is equivalent to USDT. After the RBI deadline if banks withdraw support for INR, a stable coin paired trades would still feel better than a crypto-to-crypto trade. Many users in India have never traded crypto to crypto and this will be a smoother transition for them
At the time of this writing, USDT trading is only a few minutes away but deposits are live. USDT trading starts at 10:45 PM today on Bitbns
USDT open order begins at 9:45pm
— Bitbns (No, not giving away ETH) (@bitbns) June 22, 2018
Exchanges may be moving to Stable coin – crypto trading pairs for easier adoption. In the past Coindelta listed DAI which is a stablecoin on Ethereum network.
What do you think of Bitbns’s USDT listing? Let us know in the comments below