Add another fiat on-ramp to your crypto shopping list. Initially rolled out to residents in California, Washington, and Illinois, the ShortHop “exchange of exchanges” is now expanding to eight additional states.
ShortHop, owned by Velocity Markets, taps into eight different OTC desks and exchanges, allowing greater liquidity and efficiency for its customers. The service is now expanding to residents in Pennsylvania, Utah, Indiana, Massachusetts, Nevada, New Jersey, Rhode Island, Arizona, and Montana. As a nice little bonus, new users receive $25 USD worth of Bitcoin upon signing up.
The project aims to provide a simpler crypto trading experience, “offering users the ability to view and transact with digital asset listings on multiple global order books from one screen…” At present, the exchange offers USD pairings for trading BTC, ETH, LTC, BCH, XRP, and XLM, with the possibility of additional assets joining the listings in the future.
CEO Jonathan Kelfer points out that ShortHop was built to give users “the best available price points, ease of use, and overall quality of experience.” He is looking forward to an increase in trading volume due to “the growing popularity of cryptocurrency in the U.S.,” recent regulatory rulings from the SEC, and, of course, the exchange’s new availability in additional states.
Shorthop earns its name with its multiple provider trading solution, which facilitates trades that algorithmically “hop” between exchanges and assets, solving “a key trader pain-point.” The platform connects “multiple liquidity providers and exchanges to help streamline the investment process.”
This unique approach allows trading between various assets and USD “in one or two clicks,” rather than passing through multiple exchanges, which “may require dozens [of clicks] in today’s existing marketplaces.” In addition, the company explains that the exchange was developed “with a strong focus on compliance protocols.” The Velocity Platform is registered with the Financial Crimes Enforcement Network as a Money Services Business.
Velocity Markets is aiming to replicate the success of more traditional markets by “developing an ecosystem that promotes deeper liquidity.” The platform aims to provide the means for investors to transact in digital assets “in a manner they would expect from existing, developed markets.”
The Velocity Markets team behind ShortHop has “decades of experience” working in “leading technology, financial services, and investment firms,” including Orchard Platform, Google, and Bloomberg. The public beta is available for Pennsylvania, Utah, Indiana, Massachusetts, Nevada, New Jersey, Rhode Island, Montana, Arizona, California, Washington, and Illinois residents at https://shorthop.com/.”