Exchanges Round-Up: Palestinians Use Crypto to Transfer Offshore, LXDX Targets Retail Investors
In recent news pertaining to cryptocurrency exchanges, Palestinians are reportedly turning to crypto brokers to facilitate cross-border transactions, XBT Provider has revealed plans to launch an exchange-traded product that will track between 5-10 cryptocurrencies, and LXDX has announced that it will make its platform available to retail investors.
Palestinians Turn to Crypto to Facilitate Cross-Border Payments
Ahmed Ismail, a Gaza-based financial analyst, recently told media that a growing number of Palestinians are using cryptocurrency to conduct cross-border payments.
Mr. Ismail attested that there are over 20 unofficial cryptocurrency exchanges in the Palestinian territories of the Gaza Strip and the West Bank, stating that he himself has 30 clients whom he assists with using cryptocurrency to purchase offshore investments such as stocks.
Gaza-based cryptocurrency broker Mohammed also stated that he has helped up to 50 families a month purchase BTC. “Bitcoin, in their opinion, is cheaper, safer, and quicker. Nothing works with Palestinian banks. Bitcoin wallets are alternative banks,” he said.
LXDX to Make Platform Available to Retail Traders
LXDX, a Malta-based cryptocurrency exchange, has announced that it will soon make its platform available to retail traders, in addition to the institutional investors it already serves.
Joshua Greenwald, a former Spacex engineer and chief executive officer of LXDX, stated: “The mission of LXDX is to make capital markets better. Our immediate focus is on cryptocurrency and enabling every investor to utilize the exclusive tools, like smart order routing, that only institutions previously could access.”
XBT Provider to Launch Product Tracking Basket of Cryptocurrencies
Stockholm-based XBT Provider has announced that it will launch an exchange-traded product that will track a basket of between five and ten cryptocurrencies.
The chief executive officer of XBT Provider, Laurent Kssis, described the product as “something that the market is looking for,” stating: “They are telling us ‘I’d just like blended exposure to 5 or 10 cryptocurrencies.’”
Do you think there is demand for exchange-traded products that track a basket of cryptocurrencies? Share your thoughts in the comments section below!
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