Unveiling details about the BCH-BTC trading, Cryptophyl noted in blog post that the launch is part of what its team views as its core mission – to grow the token economy. “We’re always looking at adding new markets.
Listing BTC allows us to connect the large BTC market to Cryptophyl and hence the SLP token economy”, the exchange explained.
Digital asset exchange Cryptophyl has announced it’s launching bitcoin core (BTC) trading. The first available pair is with bitcoin cash (BCH), the platform revealed on social media this week.
Trading the two major cryptocurrencies will also allow users to earn the exchange’s native token, drop.
BCH-BTC Trading Pair Available on Cryptophyl
The U.K.-based startup is currently finalizing the deployment of the BTC-USDH market which will be added on Tuesday, Feb. 11. To achieve that Cryptophyl is cooperating with the Honestcoin team and has already secured strong liquidity. USDH is an SLP-based stablecoin that’s compliant with applicable regulations. The crypto is pegged 1:1 with the U.S. dollar. Honestcoin’s main purpose is to facilitate payments and remittances. Its developers aim to provide users with a secure and low-cost channel to transfer digital assets globally.
The exchange is also integrating support for SEPA bank transfers for purchases of SLP tokens, BTC and BCH. The option will be first available for the USDH coin. Cryptophyl introduced fiat payments for SLP tokens via credit, debit cards and Apple Pay in October 2019. The fiat on-ramp to the SLP ecosystem is facilitated by a partnership with Moonpay. The fiat-crypto payment provider also helps users of Bitcoin.com Exchange to buy cryptocurrencies with credit card and is integrated in the Bitcoin.com Wallet which now offers full support for SLP tokens. Cryptophyl founder Semyon Germanovich told news.Bitcoin.com:
We’re currently supporting credit and debit cards for SLP token purchases and plan to extend this to cover BTC and BCH soon. We process deposits after 1 confirmation and charge a flat 0.15% trading fee on all transactions made on Cryptophyl.
Cryptophyl specializes in Simple Ledger Protocol (SLP) tokens trading against BCH with focus on the European market. It was launched in July 2019 by the founders of the now defunct crypto exchange Voltaire. The platform started with support for a community-driven SLP token called spice (SPICE) but users can now trade many more cryptocurrencies including BTC, BCH, USDH, SAI and TOBA, earning drop, Cryptophyl’s native coin.
The exchange aims to partner with promising SLP projects, and its support matters. For example, in August Cryptophyl airdropped 5 million spice tokens to its users and when its trading started, the coin saw remarkable gains in market capitalization. Spice is built on top of bitcoin cash and can be used to tip content creators.
SLP Ecosystem Continues to Grow
The SLP token ecosystem has been growing rapidly and almost 7,000 SLP tokens have been created on the Bitcoin Cash network using the protocol. Many of them have been listed on crypto trading platforms such as Cryptophyl, Sideshift AI, Coinex, and the Bitcoin.com Exchange.
In early January, Cryptophyl announced it would be applying for registration with the U.K.’s Financial Conduct Authority (FCA) under the new anti-money laundering regulations that came into force on Jan. 10. That would’ve meant implementing stringent identity verification procedures. However, in a blog post published on Jan. 14, the team said that having considered the users’ feedback, it had decided to operate the exchange from a non-EU jurisdiction, a move made by many other European crypto businesses.
“A large part of our customers felt that the new requirements to continue trading on Cryptophyl were unnecessarily strict”, the platform revealed. “Given the nascent nature of SLP markets and our position as a startup exchange provider, we decided user retention and growth was more important than remaining incorporated in the United Kingdom and European Union”, Cryptophyl explained. “All you need to start trading on Cryptophyl is a basic account. Withdrawals require phone verification and users with larger volumes will have to pass KYC”, founder Semyon Germanovich detailed.