For a second time, cryptocurrency exchange Bitfinex has added digital currency Dash to its trading platform, offering exchange in both USD (DSHUSD) and Bitcoin (DSHBTC).
Until now, most of its Dash’s trading occurred across Poloniex and BTC-E.
For those who follow the digital currency world, you will recall that this really marks a return of Dash to Hong-Kong based Bitfinex. Dash rebranded about two years ago from financial-privacy focused Darkcoin, in an attempt to reinvent itself as a more consumer oriented cryptocurrency. Darkcoin was added to Bitfinex in mid 2014, only to be removed several months later amid low demand and volume.
However Dash has had a meteoric rise the past few months, rising in price by nearly 4x to $44 per coin since the beginning of 2017. At a market cap of $320 million, Dash is now the third largest digital currency behind only Bitcoin ($20 billion) and Ethereum ($2 billion).
However industry insiders are still somewhat skeptical of Dash’s fast-dash rise, and its potential staying power. According to industry publication Coindesk, some advocates are saying that Dash is drawing in serious investors, but others contend that a mixture of illiquid order books and action by traders with big holdings, known more commonly as ‘whales’, have been driving up the price.
Dash VP of Business Development, Daniel Diaz said of the move onto Bitfinex:
The partnership is recognition of the way the market has been responding to Dash’s vision and roadmap. I am a firm believer that the free market will always recognize true value when growth and performance is sustained over long periods of time. Partnering with Bitfinex is a very important step for Dash as we look to provide good, regulated on and off ramps to the network that really make user applications easier. Dash is in a transition towards the regulated fiat exchanges that will make it a lot easier for users and investors to move in and out of the Dash economy, which will reduce friction and allow Dash to trade directly for fiat currencies in the more popular exchanges in the blockchain industry.
The Dash project has shown focus in what is most important for the users; fast, reliable and cost effective transactions. Dash also has a well defined software development roadmap and a strong business development pipeline; the combination of these things has led to a surge in popularity and has naturally attracted the attention of the largest exchanges in the blockchain industry.”
Bitfinex is headquartered out of Hong Kong and has the most liquid order book in the world for altcoin trading, moving over USD $50 million every 24 hours. Founded in 2012, Bitfinex also offers leveraged margin trading through a peer-to-peer funding market.
Bitfinex Chief Strategy Officer Phil Potter said:
Bitfinex is extremely excited to be adding Dash to our exchange. Dash is currently experiencing its breakout moment right now and we want to be able to provide our growing customer base with seamless access to one of the rising stars in our space. Bitfinex prides itself on being the world’s largest digital asset exchange by USD. We expect an incredibly strong market for Dash and we look forward to a tremendous partnership with their team.