A Polish startup, BitBay, has recently made a move to allow the exchange of Fiat currencies into Bitcoin and other cryptocurrencies. This marks one of the first such moves by any exchange, much less by an Eastern European one. This move will allow users to exchange their cryptocurrencies for fiat currencies over the counter. While the implications of this on the market as a whole are not known, there are those who are predicting some interesting changes to the market.
Ths OTC exchange will allow users to exchange large amounts of cryptocurrencies or fiat currencies for a steady, unchanging price. This will allows large scale investors, such as high net worth individuals, or institutional investors, to not have to spend a lot of time speculating on the markets and instead to have a way to invest large sums without much hassle or too many barriers to their investment. The OTC desk has already been opened and become functional which will allow the wall street interest in cryptos to finally be expressed at its fullest.
Potential for growth
The exchange is also one of the first to allow the direct pairing of cryptocurrencies and fiat currencies. There are not many exchanges that offer such a service, and BitBay’s move might make others interested in working with the exchange, allowing it the kind of growth it has been seeking for years now. The move comes after Binance allowed the exchange of fiat for crypto in one of the fourteen hundred locations around Australia. The competition is live.
This development opens the door for some exciting prospects, in terms of what the crypto industry might be looking at in the near future. Large scale investment from institutional investors and high net worth individuals might cause another surge in crypto values. This might also cause the digital asset to become much more popular in the mainstream, resulting in a stable market for it.
Competition between exchanges, such as this, will allow for more interesting developments. With Eastern European countries putting such a heavy emphasis on crypto, we are excited to see what they come up with.