Ripple’s XRP received a major boost when Canada’s new National Digital Asset Exchange (NDAX) said that it will allow Canadian dollar (CAD) to XRP trading on its platform. In an effort to attract new users, the exchange has said that it will be allowing free deposits the entire of this year. The exchange was soft launched on May 18.
NDAX Soft Launch
NDAX was launched to a few people on May 18 this year. Official operations began on May 31 without much fanfare as the exchange waited for the completion of the stress test. The exchange is a little different from others in that the fiat amount (CAD) that its clients’ deposits will be going to a different bank account held by a credible Canadian banking institution.
The exchange has also introduced other juicy features to give it a competitive advantage over the other exchanges in the country. For instance, the exchange will provide deep liquidity to allow for bigger transactions. Moreover, it will support instant verification of ID. The exchange’s fees for trading and transaction are incomparable to those provided by the other exchanges. NDAX will also have institutional type security. The other features on the new exchange include interface e-Transfer and bank draft.
The Exchange Comes With More Features To Enhance Security
NDAX is determined to ensure that its clients feel more secure when trading on the exchange. The exchange will use multi-signature technology that will ensure that the security on the exchange is not compromised anyhow. Moreover, 98 percent of the Cryptocurrencies will be held in cold storage. And unlike most exchanges that operate without any regulation, NDAX is operating as a Monetary Service Business. Consequently, it is regulated by the country’s Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
A Major Victory For XRP Users in Canada
Ripple’s XRP availability on the Canadian exchange is good news to many people in the country. The other two exchanges in the country, Coinsquare and QuadrigaCX don’t support the currency. The announcement by NDAX is, therefore, a significant development for the Cryptocurrency, as it will allow traders in the country to easily access it. XRP is now in a good position to compete with other virtual currencies in the Canadian market such as LTC, BCH, BTC, and ETH.
Why The Users Should Embrace This Platform
NDAX had earlier told users to embrace the platform and feel more comfortable as it is the most advanced Cryptocurrency exchange. The company has said that its stress test was intended to enhance the website prior to launching officially. The exchange, therefore, opted for the soft launch to allow for the stress test.
NDAX has said that its acceptance of anti-money laundering practices and the regulations by FINTRAC will allow its clients to easily deposit their accounts and trade Cryptocurrencies in an easy, fast, and secure way. The exchange has also confirmed that it has fully complied with the anti-terrorist financing policies. The exchange hopes that the new features it has introduced will boost profits for the traders making it the preferred exchange for many users.