cryptoglobe.com
KuCoin, a popular cryptocurrency exchange that trades over $200 million a day, has recently listed Tezos (XTZ), a high-profile project that has a market cap of nearly $700 million, but low liquidity. The move was likely made in an attempt to gain market share in the U.S.
The exchange announced the move via microblogging platform Twitter, making it clear traders will now be able to trade Tezos on its platform with a XTZ/BTC and a XTZ/USDT trading pair. Given Tezos’ low liquidity, the move could help holders gain more options.
Tezos (XTZ) is now available on KuCoin, you can deposit now. Supported trading pairs include XTZ/BTC and XTZ/USDT. Trading will start at 18:00 on June 28, 2019 (UTC+8) and withdrawal will open at 18:00 on July 1, 2019 (UTC+8).@tezos #KCS #XTZ #BTC #USDT pic.twitter.com/8sCxdYS8io
— KuCoin Updates (@KuCoinUpdates) June 28, 2019
The cryptocurrency exchange’s move came shortly after leading exchange Binance revealed it will be booting users from the United States from its main Binance.com platform, and moving them to a U.S.-only platform that’ll have limited listings.
This means cryptocurrencies like Tezos, for example, are likely not going to be listed on Binance’s U.S.-only platform. Some analysts claim its own BNB token may not be listed on the platform.
At press time, Tezos’ XTZ tokens are trading at about $0.95 after falling about 6% in the last 24-hour period, according to CryptoCompare data. The cryptocurrency’s mainnet was launched in September of last year, following a $232 million initial coin offering (ICO).
Tezos offers a unique proof-of-stake blockchain, designed to adapt to changing technology while allowing for “on-chain governance.” Billionaire investor Tim Draper has invested in it, and institutional investors using Coinbase Custody can not only invested in the cryptocurrency, but earn staking rewards.