DRIVE Markets Launches Collateral Trading for Cryptocurrencies

Cryptocurrency exchange DRIVE Markets announced the launch of collateral trading in digital assets this Friday.

The new service means that users of the exchange can do spot trading in Bitcoin, Litecoin, Bitcoin Cash, Ripple, and Ethereum.

Though this is not necessarily groundbreaking, one feature of the new trading solution is the ability to trade in a cryptocurrency without having first purchased it.

Currently, most exchanges require a user to have a specific cryptocurrency in their wallet before they can trade it.

Save time, save money

This can be time-consuming and, more importantly, expensive. Buying a cryptocurrency will incur transaction costs, exchange fees and the negative impact that any market maker’s spread will have on the buyer.

“With the addition of collateral to DRIVE, traders can deposit Bitcoin and immediately trade physical Ripple against the US dollar without having to first trade Bitcoin for Ripple,” said Ade Onigbanjo, Director of Product at DRIVE Markets.

“In real-time, DRIVE calculates the exchange rate between Bitcoin and Ripple and lets the trader place their Ripple USD trade. This provides a seamless and less costly experience for the trader and avoids them missing timely opportunities in the market.”

Launched earlier this month, DRIVE Markets is attempting to tap into the institutional cryptocurrency market.

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