We’re pleased to announce that the BitBoost Token will be available on Cryptopia, with BTC, LTC, and DOGE pairs.
As of 03:00 (UTC) on Tuesday, 21 August 2018 the BitBoost Token (BBT) will be available for trading on Cryptopia, a popular and well-established crypto exchange based in New Zealand.
Cryptopia has daily volumes of around $5 million, with the most popular of its 400+ coins and tokens typically seeing up to $500,000 of activity. This is a great step forward for BBT, making it more widely available for buyers and offering two improvements to existing holders: deeper orderbooks and a larger trading community.
Cryptopia lists coins and tokens against five different base pairs: Bitcoin, Litecoin, Dogecoin, USDT and NZDT (New Zealand dollar Tethers).
To begin with, BBT will be listed against BTC, LTC and DOGE, like most other tokens. In due course there may be scope for a USDT pair, depending on demand, but this will be at Cryptopia’s discretion.
The BitBoost Token is a utility token used to purchase listings on BitBoost’s decentralised marketplace. While ETH is the currency used by buyers to pay for desired items, sellers will need BBT to pay for successful listings on the platform. Listing fees are only paid once an item is sold – if no items are sold, there is no charge!
BBT comply with the ERC20 standard and are freely tradable on the Ethereum platform. There are 50M BBT in existence and no more will ever be created. Since BBT are classed as a utility token, they do not indicate ownership of the company, do not pay dividends, and BBT holders will not earn any interest. BitBoost does not recommend investing in these tokens as assets.
An important step for BBT
A diverse trading ecosystem is vital to give a token the liquidity it needs to fulfill both its primary purpose and secondary functions. Sellers need a way to purchase BBT. They would prefer not to pay appreciably more than the small USD-equivalent price required for listings on the platform. Since BBT purchases are part of a wider economy, the market also needs the liquidity and depth to be able to absorb tokens as they are sold back to new store owners, either in market or limit orders on exchanges.
Traders are an important part of this process, helping to provide the necessary liquidity and thereby facilitating efficient listings. Trustworthy exchanges with healthy volumes and low spreads (the difference between buy and sell orders) are therefore indispensable to any crypto economy. A vibrant exchange infrastructure also enables existing holders to liquidate their tokens and trade them for other currencies.
The BitBoost Token was already listed on a number of smaller centralised and decentralised exchanges. While these have offered initial venues for traders, they do not have the combination of liquidity, usability, and security to support the kind of volumes we need to ensure that sellers can always acquire tokens quickly and with confidence. Cryptopia changes that picture at a stroke, providing a much-needed service ahead of the general launch of our decentralised e-commerce marketplace.
You can find out more about Cryptopia at https://www.cryptocompare.com/exchanges/cryptopia/overview.