Deals with two top cryptocurrency exchanges have given mobile-based cryptocurrency Electroneum a global fiat trading footprint for the first time.
Electroneum (ETN) has signed agreements with SistemKoin, Turkey’s largest cryptocurrency exchange, and top international exchange Liquid, which will see its digital currency, ETN, paired with several fiat currencies.
SistemKoin has paired ETN with US Dollars (USD) and Lira (TRY), as well as BitCoin (BTC), whilst Liquid has paired it with Euros (EUR) with a dollar (USD) pairing following shortly.
Electroneum CEO and Founder Richard Ells commented:
“This is a business-defining moment for Electroneum and a pivotal moment for cryptocurrency in general. It’s unusual for any cryptocurrency outside of the top 10 to have a fiat pairing, but we’ll have four fiat pairings across two exchanges just a year after we launched, which shows that the exchanges recognise our potential.”
“Our global fiat footprint will not only make us accessible to a whole new wave of cryptocurrency enthusiasts, it will also make us accessible to the next wave of people accessing crypto, those who will use it as a real-world utility and will spend it on everyday goods.
“Until today, people who wanted to access ETN without mining it have first had to buy another cryptocurrency and then exchange it for ETN. Our arrangements with SistemKoin and Liquid will mean this no longer has to happen and I’m really grateful to the teams at both exchanges for helping breakdown the barriers to accessing ETN and enabling us to move one step closer to our aim of mass adoption.”
Electroneum’s global fiat footprint is a crucial part of its plan to build Electroneum ecosystems across the world. The firm has developed the world’s first cryptocurrency instant payment API and enabling vendors to buy or sell ETN will be a crucial to its early success.
Richard Ells explains: “Giving vendors the chance to convert their ETN into Euros or Dollars breaks down another barrier to accepting cryptocurrency as a form of digital payment as it gives them the option to convert their ETN into a currency that’s more widely recognised and the opportunity to purchase ETN in fiat quickly and simply. This is an essential option in the early days for this currency and any currency as it will help speed up vendor adoption.
“Our deals with SistemKoin and Liquid are an essential part of making this happen, which we hope will encourage more vendors to integrate ETN Instant Payment and mean we can build bigger ecosystems fuelled by ETN.”
He continues: “A presence in Turkey will be crucial for us. The country has a booming cryptocurrency market and our mining app and reward programme, which offers up to $3 a month to users for engagement and advocacy, will be hugely beneficial for users and businesses alike.
“I’m hugely excited that this and our other partnership with Liquid will mean we can bring ETN to a global audience of cryptocurrency enthusiasts, people who want to access and use cryptocurrency in their everyday lives. These two deals are another step towards our overall aim of mass adoption, an ambition we come closer to realising with every day that passes.”
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