Crytpsy has added Reddcoin to its list of coins trading with USD. Fiat-denominated trading was launched nearly 4 months ago. Users need to go through a verification process in order to access it.
Reddcoin is one of the more exotic coins to have been added for USD trading. Bitcoin, Litecoin, Dogecoin, Darkcoin and Feathercoin are the other coins in this group. Only 7.44 BTC worth of USD-based trading has occurred over the past 24h, the equivalent of $4600.
Reddcoin has become popular of late, with a healthy trading volume equal to over $200,000 during the past 24h. Cryptsy dominates with over 80% of this volume. The coin’s popularity in BTC trading was likely a factor in its being chosen for USD trading.
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According to its website, Reddcoin is a “social currency that enriches people’s social lives and makes digital currency easy for the general public.” It integrates a digital currency platform with major social media networks. The coin is currently worth 20 satoshi. Its market cap is $3.4 million, ranking it 21st among all cryptocurrencies.
The addition comes days after Cryptsy adopted a market maker-taker fee structure. Market makers, which add liquidity through orders not immediately executable, are rewarded with 0.05% of the trade value. Market takers, removing liquidity through immediately executable orders, pay the regular 0.25% fee. Only verified accounts are eligible for the market maker rebate.
Cryptsy joins several other crypto exchanges that have adopted this fee model, which aims to increase liquidity and lower spreads.