Cryptocurrency Dash has been integrated as a base currency on Hong Kong-based trading platform Whaleclub. The move allows Dash users trade against more than 50 assets including oil, gold, stocks and bonds.
Whaleclub has facilitated more than $1.5 billion of trades since its 2016 inception. Its daily average processing volume nears $10 million.
“Whaleclub is a one-of-a-kind service,” Dash vice president of business development Daniel Diaz said. “It offers access to trade traditional financial markets using Dash, opening up a completely new universe of options for our users and another great use case for Dash’s worldwide versatility. Not only will this allow current Dash investors to trade traditional markets like, stocks, metals, forex and bonds, it may also attract new investors that want to trade traditional markets but maybe find regulatory hurdles and minimum trading requirements on those markets too big of a challenge to overcome.”
Mr. Diaz explained Whaleclub’s value.
“Whaleclub is like a futures exchange where people can speculate on the performance of traditional markets and look for short term or long term margins. It’s a very original product that will most certainly draw more Dash users.”
Whaleclub CPO Ian Glindro said Dash users can register on Whaleclub with an email and start trading soon after depositing Dash. The platform matches trades internally with no cost to traders. Whaleclub accepts Bitcoin and more than 20,000 customers are active.
“We are seeing fast adoption in Asia because demand for digital currency is on the rise, particularly in Japan, Korea and China,” Mr. Glindro added. “Dash has shown healthy signs of growth and is starting to command mindshare in Asia. Further internationalization efforts by the Dash team will likely accelerate that growth because exchange and trading services will serve as a beachhead for Dash in the Asian market.”