Cryptsy – The Reigning King of Altcoins

Founded by Paul Vernon, Cryptsy is a Florida-based exchange platform that trades in over 130 crypto currencies.

Founded by Paul Vernon, Cryptsy is a Florida-based exchange platform that trades in over 130 crypto currencies.  According to Vernon he created Cryptsy as a response to the demand that arose from mining various Altcoins. As miners found themselves holding various different Altcoins, they struggled with finding ways to convert those digital currencies into bitcoins or fiat currency. Starting first with adding Litecoin and Feathercoin trading into bitcoins, Cryptsy has grown into one of the main exchanges miners use to find liquidity for lesser known Altcoins.

Due to its growth in terms of catering to so many currencies as well as attracting new users, Cryptsy has been the subject of questionable service with many users complaining of long delays for transactions of both deposits and withdrawals .  However the company has responded that it is simply a problem of growing so fast and has been implementing updates to cater to additional users.  Among specific coins experiencing growth has been with Dogecoins, which have become the most actively traded Altcoin during 2014.

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Having begun as a digital currency to digital currency only exchange, Cryptsy has recently launched fiat trading for limited coins.   In anticipation of the fiat launch, a number of Cryptsy employees underwent anti-money laundering training in order to be able to better detect and prevent money laundering.

According to data released from Cryptsy, trading regularly exceeds 2000 BTC, making it the largest crypto-to-crypto exchange platform of Altcoins.  The firms has also recently announced that they have over 70,000 active users of their platform.

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