A popular Canada-based cryptocurrency exchange, Bitvo, has cataloged two digital currencies. These cryptocurrencies are Ethereum Classic (ETC) and Ripple’s native coin, XRP. Consequently, its users can now take advantage of the relevant services that the exchange will henceforth offer. In last Friday’s tweet, the exchange confirmed the latest additions.
According to Bitvo, customers now have a chance to buy XRP and ETC with either Bitcoin (BTC) or the Canadian dollar. Many enthusiasts consider Bitvo not robust enough to compete against the established exchanges in the country. However, the exchange aims to become the leading digital currency platform in Canada and beyond.
Interesting Details
Much as XRP and ETC are the latest cryptocurrencies to join its family, Bitvo offers a wide range of virtual currencies. Some of these cryptocurrencies include Ethereum (ETH), Bitcoin (BTC), Dash (DASH), Litecoin (LTC), and Bitcoin Cash (BCH). Coming to the market performance of the newest cryptocurrencies, the MCAPs of XRP and ETC are $17.6B USD and $1.03B USD respectively. Based on their market cap, the two digital currencies are currently in the top 20 coins CoinMarketCap.
It’s a Plus for Ethereum Classic
While this announcement may not be such a big deal for XRP, it means so much for Ethereum Classic. New research shows that many people aren’t interested in using cryptocurrency because they have yet to see their use cases. So, the listing of ETC on Bitvo will improve its liquidity in Canada and elsewhere in the world. Going beyond exchanges and trading platforms, the altcoin has made its way to places that many people would never have imagined. For instance, over 400 Brazilian fintech association members used ETC for voting. The reason for adopting ETC in voting was that it was more cost-effective than the traditional voting system. To be sure, this use case will have a huge impact on spreading Ethereum Classic.
Significance of Using ETC for Voting
Looking at the benefits of using ETC for voting, first, the organizations involved in the voting may take a second look at the cryptocurrency. The implication of this is that they may start applying the Ethereum Classic blockchain, or its ilk, to enhance their business process. Without a doubt, 400 organizations is a huge number for any emerging sector. Additionally, for having an immutable ledger, ETC’s ledger is a blockchain that many of these organizations would find enticing.
Summarily, the use of Ethereum Classic in voting could open up a litany of adoptions in the Brazilian business environment. Unarguably, elections are expensive the world over, but blockchain technology helps to cut their cost. That is not to mention the extra layers of transparency and security. Technically, this suggests that ETC may just be on the verge of becoming the x-factor cryptocurrency for voting.
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