Bitcoin had for a long time remained uncontended as a popular cryptocurrency. Not anymore, thanks to the sudden rise of altcoins due to increased adoption of blockchain technology and Bitcoin’s scalability issues. As the adoption of cryptocurrencies, Bitcoin and altcoins alike continue to grow across the world, one cryptocurrency exchange platform, BitPrime has achieved unprecedented growth in the past three months.
BitPrime, started earlier this year has already become one of the most popular cryptocurrency platforms in New Zealand. Unlike other players in the market, it is the only one to allow its customers to directly exchange a couple of cryptocurrencies other than Bitcoin for fiat currency. Customers on BitPrime can buy and sell Bitcoin, Ethereum, and Ripple against New Zealand dollars. Other exchange platforms in the region require the user first to purchase Bitcoin before they could convert it to Ethereum, Ripple or any other altcoins.
Given the phenomenal rise in Ether and Ripple prices, BitPrime has become the favorite among the country’s cryptocurrency community members. The number of people investing in Ethereum and Ripple within New Zealand has increased in the past few months, a trend quite similar to that of rest of the world. One of the country’s prominent news publication, while reporting BitPrime’s success story offers a brief insight into the cryptocurrency investor community in the region.
The publication gives an example of Ian Meredith, an app developer who is said to have a small fortune invested in Ethereum. Meredith has about $15000 invested in cryptocurrencies, most of it in Ethereum. According to the report, there are only a handful of people like Meredith who have made up their mind and invested in cryptocurrencies. Rest of them believe that cryptocurrencies are high-risk investments, which combined with the New Zealand Central Bank’s advisory has made many stay away from cryptocurrencies.
On the other hand, running a cryptocurrency business in the country is not easy either. The founder of BitPrime, Geoff Palmer explained about the difficulties they faced while trying to open a bank account for the company. However, braving all the roadblocks, BitPrime has managed to oversee an exchange of cryptocurrencies worth over $600,000.
As the business continues to grow, the company might soon introduce support for other cryptocurrencies as well.
Ref: Stuff | Image: NewsBTC