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BitStamp Expands Offerings by Listing Avalanche (AVAX)

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BitStamp, one of the leading cryptocurrency exchange platforms, has announced listing AVAX and wrapped Bitcoin (wBTC). Adding these two tokens on the BitStamp exchange could boost liquidity and aid in price recovery.

Both AVAX and wBTC have responded to the price trend across the broader cryptocurrency market. This price trend has caused a recession across the market, and the two tokens have registered significant dips since the beginning of the year.

BitStamp lists AVAX and wBTC

In a recent announcement, BitStamp confirmed listing the two tokens on the exchange. The announcement noted that both AVAX and wBTC will be available to the global clientele base of BitStamp. However, it mentioned that the US and Singapore will be excluded from this offering.

AVAX is the native utility token for the Avalanche blockchain. On the other hand, wBTC is the BTC token deployed on the Ethereum network, and it is classified as an ERC-20 token. The two tokens will be listed on BitStamp on March 10, but on this date, only the deposit and withdrawals will be facilitated, but trading will not be supported.

On March 11, users will place and cancel limit orders. However, these orders will not be matched; hence, no order will be completed at this stage. The limit orders will be matched shortly after.

Full trading for the two tokens will be provided once ample liquidity has been achieved. All order types will be facilitated when this is achieved, and card purchases for the two tokens using multiple trading pairs will be supported. Once the full trading commences, the trading pairs available include AVAX/EUR, AVAX/USD and WBTC/BTC.

The value of one wrapped Bitcoin is equivalent to the value of one Bitcoin. At the time of writing, this was around $38.936, having gained by 2% during the past 24 hours. AVAX was trading at $72.70 after dropping 0.8% in 24 hours.

Avalanche and wrapped Bitcoin

Avalanche is a blockchain technology that has risen up the ranks in terms of being preferred by developers of decentralized finance (DeFi) projects. The network focuses on various attributes such as scalability, interoperability and usability.

The Avalanche network has advertised itself as an eco-friendly blockchain network compared to the others in the sector. It also boasts of high transaction speeds and low transaction costs. Therefore, it solves the problem of scalability, security and decentralization to facilitate net6work processing.

The Avalanche network allows users to develop customized blockchain networks, each unique. It also promotes interoperability between blockchains to work together and create one powerful network made of blockchains that complement each other.

On the other hand, WBTC is an ERC-20 token whose listing is made on the Ethereum blockchain. With its value pegged to one Bitcoin in a 1:1 ratio, it allows users on the Ethereum blockchain to create utility for Bitcoin.

WBTC seeks to boost liquidity and access financial services in the decentralized finance (DeFi) sector. IT makes it easy for traders to move funds within applications by boosting the trade volumes and liquidity. WBTC offers a higher transaction speed than Bitcoin. One Bitcoin wrapped into an ERC-20 token allows users to trade easily and find utility on Ethereum networks.

WBTC creates an opportunity for users to be open to a new way of increasing speed and efficiency in the cryptocurrency sector. Due to its price being similar to that of Bitcoin, WBTC stands as an ideal asset for users that want to transact on the Ethereum network.

To learn more about this token visit our Investing in Avalanche guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.