WhiteBIT Adds Support for Dash ChainLocks and InstantSend, Offers Zero-Fee Trading

WhiteBIT Adds Support for Dash ChainLocks and InstantSend, Offers Zero-Fee Trading

Cryptocurrency exchange WhiteBIT has added support for Dash’s special transaction features ChainLocks and InstantSend, as well as offering zero-fee trading to promote the trading pair.

In an announcement this week, Estonia-based cryptocurrency exchange WhiteBIT highlighted ChainLocks, Dash’s anti-51% attack security feature, as a follow-up to the exchange’s integration of support InstantSend instant transaction locking, including a temporary two-week period of zero-fee trading for the currency:

“As we announced earlier, we have started our partnership with Dash by integrating InstantSend. Today, we would like to expand on the benefits of ChainLocks — another amazing feature of Dash protocol. ChainLocks offers protection mechanisms against 51% Attack and brings security to another level.”

WhiteBIT had previously announced support for InstantSend earlier this month, indicating that deposits made with Dash can be confirmed instantly, significantly cutting down on the time between deposits and trades on the exchange.

Established in 2018, WhiteBIT is a top 20 exchange verified by the Blockchain Transparency Institute, a group verifying cryptocurrency exchanges for highest likelihood of real user-driven trading volume and minimal wash trading and other manipulation. To date WhiteBIT claims 20th place with $16,890,607 in 24-hour trading volume.

The vastly-improved user experience of Dash on WhiteBIT

The addition of recognition for both InstantSend and ChainLocks significantly improves the trading experience on WhiteBIT for Dash-using customers. Typically, cryptocurrency exchanges require several on-chain confirmations before recognizing a deposit as final and allowing the user to commence trading. Depending on the cryptocurrency’s block time, perceived network security, and other factors, this process could take anywhere from minutes to hours, even days depending on the exchange’s perception of the coin’s network security or because of network congestion or similar issues. This means that traders keeping their coins off of exchanges can potentially lose out on trading opportunities, or resort to keeping large portion of their funds on exchanges to remove deposit times entirely, a generally discouraged security practice.

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Posted by Joël Valenzuela

  • 2020-01-23