Poloniex announced that it is listing Grin (GRIN) on its platform. At the same time, they will also be allocating a portion of all Grin transaction fees on Poloniex to the Grin General Fund. The information was released by Jed Breed, Digital Asset Lead at Circle, in a blog post on February 14. A few days ago, Bittrex informed it opened deposits for Grin.
Poloniex and Bittrex Add Support to GRIN
Poloniex and Bittrex are two of the first popular crypto exchanges offering support to the GRIN virtual currency. Grin is a project that focuses on privacy and scalability. The coin also leverages the MimbleWimble privacy protocol. In order to offer support to this digital asset, Poloniex has taken all the necessary measures to allow users to trade the virtual currency.
The project did not have an Initial Coin Offering (ICO) to raise funds. The developers are working on it in an anonymous way. Additionally, new tokens are released to the market using a Proof-of-Work (PoW) consensus algorithm. To fund its development Grin receives voluntary contributions.
About the project, Bread wrote in the blog post:
“As a consequence of the privacy and scalability features introduced by MimbleWimble, Grin is transacted without the use of public addresses. Public addresses are the primary way an exchange like Poloniex passes cryptocurrencies back and forth with customers, so supporting an asset that doesn’t use public addresses required our engineers to come up with novel front and back end solutions.”
At the moment, there are two possible methods for users to deposit Gin. The first one is using a URL-based method. The second one is file-based. The first method will be useful for those that do not have a large technical knowledge. Meanwhile, the second solution is best suited for advanced users.
Bittrex mentioned that they are accepting file-based deposits from external Grin wallets. They recommend users to be familiarized with how the system works.
Both Poloniex and Bittrex are two of the most popular digital currency exchanges in the market. At the time of writing this article, Bittrex and Poloniex are the 60th and the 73rd exchanges in term of trading volume in the last 24 hours, respectively.
Currently, Grin is the 186 largest digital asset in the market. It has a market capitalization of $13 million and each coin can be purchased for $4.92.