Single window crypto exchange ShortHop has expanded its operation in seven more states in the United States.
According to a Coindesk report, the exchange is now operating in 10 states in the country with the new addition of Indiana, Massachusetts, Nevada, New Jersey, Rhode Island, Arizona, and Montana. Previously, it was offering crypto trading services only in California, Washington, and Illinois.
The Delaware-headquartered exchange allows traders to work with multiple trading platforms’ order books via a single window.
“You might find that when you go on Binance, the spot price for bitcoin is the quoted price. When you go on Gemini it’s the quoted price there as well. We’ll use that in aggregate to get the best price across the ecosystem…ShortHop is a spot market first, but we’re aggregating liquidity across the ecosystem,” Jonathan Kelfer, CEO of Velocity Markets, the parent company of ShortHop, told the publication.
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Acquiring the necessary permissions
Velocity Markets is already registered as a money services business (MSB) with the Financial Crimes Enforcement Network (FinCEN). Despite that, the crypto exchange is obtaining money transmitting license from each state in which it is planning to offer its services.
The company is expecting to receive the required licenses from two more US states – Utah and Pennsylvania – by next week.
With its limited reach in the US, ShortHop is currently allowing trades with six major digital currencies – Bitcoin, Ether, Litecoin, Bitcoin Cash, Stellar Lumens, and XRP. The exchange is currently plugged with eight global crypto exchanges and allows traders to freely “hop” between digital currencies to avoid multiple conversions on different exchanges.
Though the exchange is only serving retail clients now, it has plans to expand its services to the high-volume institutional clients as well.
“We’d rather do this than nickel-and-dime retail users who should have access to the same quality of infrastructure that large players do. That’s not to say we won’t layer on fees in the future,” Kelfer added.