Off-exchange trading for Bitcoin Cash and Ethereum is now easier, after BitKan added the currencies to its mobile platform. Users can hold BCC, BTC and ETH, and search BitKan’s database for a buyer (or seller) in their preferred currency to trade with directly.
BitKan users who held Bitcoin balances in their wallets at the time of the hard fork will have an automatic Bitcoin Cash balance. Even though the company added BCC support over three weeks later, it calculated from the BTC balance each user held on 1st August.
In a signal it plans to expand its P2P trading network further, BitKan also quietly added ETH support.
BitKan’s Sandy Liang told Bitsonline her team sees the cryptocurrency trading market diversifying.
“We think the cryptocurrency market is very active this year, users’ demand is growing too. We see the OTC market should be pluralistic.”
Off-Exchange Trading for Everyone
The app functions as an “over-the-counter” (OTC) exchange for everyday users. The software matches individual buyers and sellers like Uber matches riders and drivers — who then trade directly with each other. Crypto funds are kept in escrow to ensure no-one gets cheated.
The software holds no fiat currency balances. In China, it’s popular with people using platforms like WeChat to send money. In the West, it’s usually PayPal or direct bank transfers.
It’s an attempt to decentralize the cryptocurrency trading experience. It also simplifies things for users, who don’t always want to use (or trust) large online exchanges to store their dollars as well as cryptos.
The mobile app also features live price charts for multiple currencies, mining statistics and cryptocurrency news. It’s localized in most major languages.
Have you ever traded off-exchange? What features and services would you like to see? Let us know.
Images via BitKan, Jon Southurst
Note: BitKan is a strategic partner of Bitsonline.