The popular cryptocurrency trading platform, Bittrex Global, will soon join the bandwagon of exchanges with native tokens. Bittrex plans to launch an exchange token for its platform next month, according to a recent teaser shared by the company.
Bittrex To Launch Its Native Token In June
Although the exchange did not provide more details about the upcoming token, the native currency will be listed in June. Such cryptocurrencies are created to fuel the operations of a crypto platform and its ecosystem. They often offer multiple utilities such as paying for trading fees, listing fees, exchange fees, and more, depending on their design.
Launched in 2013, Bittrex is considered one of the oldest exchanges still in business. The company’s plan to launch a native token is seemingly long-overdue, considering that other major exchanges like Binance, Bitfinex, KuCoin, Houbi, and OKex, have since launched theirs.
While there is an increasing number of exchange tokens in the crypto industry, Binance Coin (BNB) is the biggest of them all, ranking as the 8th largest cryptocurrency in the world with a market cap of $2.6 billion.
Bittrex Battles Regulatory Uncertainties
Although when asked why the launch of a native token for its platform is just coming now instead of about two years ago when exchange still had a sizeable share of the market, Bittrex said they couldn’t do so at that time due to regulatory restrictions, but now they can.
It was also these regulatory difficulties that forced the exchange to halt its services in New York and more than 30 countries in 2019. At that time, Bittrex asked all users in the affected regions to remove their tokens and stop using the platform as soon as possible.
It’s worth noting that US-based customers won’t be able to participate in the token sale.
Bittrex Lists First Euro Stablecoin
While Bittrex’s native token is in the works, the exchange announced yesterday that it had listed three new stablecoins, including the Universal Euro (UPEUR), Universal Dollar (UPUSD), and the Universal Protocol Token (UPT).
These stablecoins are from the Universal Protocol Alliance, a coalition of blockchain organizations including Bittrex Global, Cred, Uphold, Blockchain at Berkeley, and CertiK.
The UPEUR is the first Euro-pegged stablecoin on the exchange collateralized 1:1 with the EURO, the UPUSD is a dollar-pegged stablecoin collateralize 1:1 with the US dollar, and the UPT is the Alliance utility token that offers holders benefits from the Alliance members.