Getting Steem and Sbd Traded With Fiat Pairs. Update 2
Zappl Inc and a few others in the community have been pushing hard. Trying to get the pairs we feel are needed for the currency to take a step further either before smts, or the new user signup is made. Down below we will fully go over the issues and questions were facing from exchanges about Steem and the upcoming Smt tokens.
Making Contact:
As some of you know we have been corresponding with a few exchanges. And providing them with documentation on the changes and updates on the steem blockchain.
You can read it from the last post to catch up:
https://steemit.com/steem/@zappl/getting-steem-and-sbd-traded-with-fiat-pairs
This peaked the interest of 2 U.S. exchanges, 1 Chinese exchange, 1 Japanese exchange, and 4 EU exchanges. Because we're still currently in talks with these exchanges Zappl and third parties involved will not be sharing their names publicly yet. The talks are early, and we don’t want people giving outside pressure to these exchanges.
First fiat pairs:
Steem and sbd gained a fiat pair sometime ago which many people over looked.
Upbit has added both pairs and are trading a bit above market price.
Sbd -> Fiat pair
https://upbit.com/exchange?code=CRIX.UPBIT.KRW-SBD
Steem -> Fiat pair
https://upbit.com/exchange?code=CRIX.UPBIT.KRW-STEEM
Talks & Estimations:
We have been working an working and we feel from out talks we'll have fiat pairs for, USD, EUR. CNY. By late 2nd quarter or early 3rd quarter. Of course this seems long but this all depends on the support the community gives on expressing to these exchanges you wish to trade in fiat.
Also depending on how many people take in smt's ico development. Honestly its pretty closed off data for most people and for most part who will all be participating. So if anyone has information on companies and people who will be doing ico's this information could lead to opening some doors we need open.
Why do we think that?
Well because with trend when coins get added to fiat pairs on multiple exchanges, this makes the entry into said coin much easier. Which is one of the reasons who coins like Eth and other Fiat -> Coin traded pairs massively raise in price.
Announcement:
Zappl currently in talks with banks and people who have money transmission licenses. Many of you have known Zappl has shown a huge interest in opening an exchange that will allow for fiat pairs to Sbd and Steem. Zappl feels we need the infrastructure to allow smt's to prosper in the world wide Crypto Economy.
So Zappl is now pushing hard at getting an exchange done.
Features were looking to have:
- Multi Country support
- Apps on launch
- Merchant services
- Fiat pairs for Steem, Sbd, BTC, ETH
- possibility of a smt to fiat exchange
- Debit Cards
If you would like to help in the efforts please feel free to contact us.
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HitBTC has good volume for fiat pairs such as EOS/USDT, BCN/USDT, DOGE/USDT etc. with decent volume. Interestingly, they had STEEM/EURO pair with very low volume, now discontinued. They should have STEEM/USDT fair (i.e. I requested them several times and traded over there for 3 years). Unfortunately, STEEM/SBD withdrawal are disabled for months for unknown reasons, it would be great if devs or @zappl are in contact with them to solve the issues.
EDIT: I mine some BCN, I sell them for USDT at HitBTC, then buy DOGE, transfer to Poloniex to sell them to buy STEEM and transfer STEEM to my Steemit wallet. Exchanges has weird issues, I can't sell small amount of DOGE at Bittrex or depositing BCN to Poloniex takes 14 hours (In HitBTC 25 minutes). Once we have fiat pairs for STEEM, or simply STEEM/BTC pairs in top exchanges due to its fast confirmation, zero fee and scalability, it can can be the choice for the top transaction crypto for all kinds of arbitrages, then STEEM can see very large volume.
Here is the form to Binance application to list a coin on their exchange. Looks like the Founder / CEO of STEEMIT will need to sign the form. https://support.binance.com/hc/en-us/articles/115000822512-Listing-a-Coin-on-Binance-com
The form requires @ned or one of the team leads that work on steem to fill out their application.
It seems like @ned would have done this already. Either Binance doesn't want Steem/SBD or @ned doesn't want Binance. Do you think that there is a strategy that is going on here?
The demand for fiat trade is high. I run a small fund of steemit investors and main problem is that people just can't buy STEEMs without 20% losses.
Although being just a olphin daoe not help much.
We need established fiat trade, need it liquid and need it fast.
Thanks for your work, @zappl!
That is great news. I would like to know how to get SBD and STEEM on Binance. Is there an effort to get Binance to trade STEEM?
Yes, @socky I agree. Getting it on Binance would be really nice.
Not sure but it would be cool.
This is splendid news!
If anyone wants to discuss this please head on over to the Zappl discord server! thanks everyone.
drool, a CNY Debit card would sort my life out for good... holding my breath!
Yeah debit cards would be really helpful.
WOW this is very inspiring news! If we can cut out Coinbase and banks completely by using Steem/SBD to Fiat trading and allow users to exchange fiat and crypto with each other we can have our own micro economy, a breakaway economy if you will. and it will empower steemians with a wide range of products and soon we will have a hipping service to deliver them. Wow the sky really is the limit with steem! Very happy to see so much progress with Zappl!
have youheard of the American Express Serv cards? thjey allow free Fiat to Fiat digital Dollar transfer, so you can send money from on Serv to another Serv free, maybe we can piggy back on this and zppl can encoruage users to simply order these cards or buy thema nd lad them at the super market (I believe they are $5 each) and then people can send money from serv to serv when making steem or SBD payment, they can even use escrow accounts for the steem/SBD and the serv payments by having a third serv card to send money too, and since its all free I can see it being VERY useful for our currently small time needs but also scaling up, and I am sure American Express would be happy to allow us to use THEIR service instead of Venmo or Paypal in fact I would RATHER skip a Bank account and just use Debt cards, and use Cryptocurrency as the new Bank account... with debit cards as something I load up with local fiat currency... This system seems to be working just fine right now! I have even seen advanced proptotypes of special debit cards that have tape cassette type tape that is reprogrammable and has a keypad battery and lcd screen with multiple cryptocurrency wallets and a need for a pin code when spending, so yeah the future is pretty amazing we are going to use the existing debit card infrastructure to do some great things with crypto! And @zappl can be at the forefront with projects like this!
Fiat pairs would be nice.
I will be slow and will be making mistake as well at read up on what I missed.
Please, help me when you can > I feel like a fish out of water.
THANK YOU for all you do guiding and supporting me.
I can't wait for Zappl to be available as an iPhone app!