One of the world’s fastest-growing altcoins, Electroneum (ETN), which has more than two million users who mine and transfer the cryptocurrency through their mobile phones, is trading in five new markets for the first time after it was listed on a top cryptocurrency exchange.
The British mobile-based cryptocurrency will now trade in India, Brazil, Hong Kong, Singapore and Malaysia after its listing on CoinBene, one of the world’s fastest-growing cryptocurrency exchanges. Within nine months of its launch in November 2017, CoinBene’s daily trading volume was more than $300 million.
Electroneum will be paired with Bitcoin (BTC) under CoinBene’s trading rules, which see cryptocurrencies paired with either Bitcoin (BTC), Ethereum (ETH) or USTD, and is the first British cryptocurrency to join the exchange.
“The search for tokens and cryptocurrencies with potential for mass adoption is part of our strategy to stimulate market growth,” said CoinBene Brazil CEO and global vice president, Feng Bo. “Electroneum has a strong and vocal community which helps market development and maintains our position in the rankings of exchanges with the most varied and profitable portfolios.”
“Joining CoinBene is a milestone for the ETN team and marks our evolution as a global cryptocurrency,” Electroneum CEO Richard Ells said. “CoinBene has rapidly become a top ten exchange with a global presence that includes five key territories in emerging markets, which will be crucial as we become a true enablement currency that helps people across the world to improve their lives on their terms. We’re excited to be working with them – they’re a great team and we’re confident we’ll do great things together.”
With a global userbase of more than two million, and the ability to enable people to mine and transfer the currency through their smartphones, Electroneum is strongly positioned for mass adoption. Electroneum launched in November 2017, breaking the one million user mark within four months and achieving more than two million users by August 2018.
“Electroneum was designed for mass adoption – to be used by anyone anywhere in the world,” Mr. Ells added. “As well as our mining and transfer capabilities, we’ve developed a payment system that enables people to buy and sell goods and services instantly – much like contactless payment. Other cryptocurrencies can take between 20 minutes to a couple of hours to transfer from buyer to seller, so our approach will set us well apart from the pack.”
The Electroneum team also designed ETN, its digital currency, to enable payments to be paid to two decimal places like Great British Pounds (GBP), Euros or U.S. Dollars (USD).
“Just having two decimal places – and the capacity to sustain this because we have 21 billion worth of ETN available – makes us more attractive to people as an alternative payment method,” Mr. Ells explained. “It shows a similarity with dollars and cents or pennies and pounds, allowing ETN to be a real digital alternative to traditional or fiat currency instead of something that seems complex and inaccessible.”