One of the leading Cryptocurrency Exchange Platforms, KuCoins, announced via their official blog post that they would be extending support to Monero Community. Monero [XMR] will be available on the exchange, paired with Bitcoin and Ethereum.
“KuCoin is extremely proud to announce yet another great project coming to our trading platform. Monero [XMR] is now available on KuCoin. Supported trading pairs include XMR/BTC and XMR/ETH,” the post read. While the deposits were effective immediately, trading services for the cryptocurrency started from 26 March and the withdrawal services will begin from 28 March.
The KuCoin Exchange is a global cryptocurrency exchange which opened for trading in September 2017. The platform has listed over 190 tokens and 400 trading pairs to date. KuCoin provides a secure and easy-to-use platform for users to engage in cryptocurrency trades and transaction efficiently and safely. Currently, KuCoin has over five million registered users in 100 countries and is considered a serious alternative to Binance.
Monero is the leading cryptocurrency which focuses on private and censorship-resistant transactions. Cryptocurrencies like Bitcoin and Ethereum, have transparent blockchains, which means that the transactions can be verified openly and traced by anyone. Monero uses ring signatures, ring confidential transactions, and stealth addresses to obfuscate the origins, amounts, and destinations of all transactions. A user can spend safely, knowing that others cannot see your balances or track their activity. Currently, the cryptocurrency is the thirteenth largest cryptocurrency by market cap.
However, the announcement came with a risk warning. KuCoin, notifies the customer, before they start investing in cryptocurrencies, that investing in cryptocurrency is akin to being a venture capital investor. They urged the user to do their risk assessment when deciding how to invest in cryptocurrency and blockchain technology.
“KuCoin attempts to screen all tokens before they come to market, however, even with the best due diligence, there are still risks when investing. KuCoin is not liable for investment gains or losses,” it said.
Recently, Binance and the TOR Project also announced additional support for the cryptocurrency. Binance, the largest crypto exchange by trade volume, added Monero [XMR] trading pairs with Binance [BNB] and Tether [USDT] to its fold on March 14. Following the announcement, a small price hike for Monero was observed. Last week, Tor Project, a non-profit organization, advancing human rights and freedom with the creation of privacy-enhancing technology and open-source anonymity, started accepting Monero for donations.