CoinShares, a new coin-based trading platform, has launched a new service that offers trading for DENT tokens, one of the hottest cryptocurrencies in China.
The company, which is backed by Alibaba Group Holding Ltd., is launching a digital exchange service for Dents, a token that’s gaining popularity as an alternative to other cryptocurrencies in recent weeks.
Dents are not the only token in China that can be traded, though.
Chinese state-run trading platform Bithumb Inc. recently introduced a trading service for a similar token called Huobi, but it only allows the purchase of Huobi tokens in the People’s Bank of China, a financial regulator.
Chinese regulators are concerned that the rise of these alternative cryptocurrencies in the country could affect the price of other currencies in the region.
Bithumbs Huobi token has a market cap of about $1.4 billion.
“There are a lot of new cryptocurrencies that are emerging that are not in China, and there is no one in China who knows about them,” said Jiawei Sun, chief executive officer of CoinShares.
“With Huobi trading, we want to give China access to the world’s fastest trading platform for new tokens and cryptocurrencies.”
The new platform will be available to buy and sell Dents in Chinese yuan, a popular exchange rate for cryptocurrencies, for around $20 a coin, or about $500 per token.
CoinShares aims to bring these currencies into the public marketplace through a marketplace that it says will be fully operational by the end of 2018.
The platform has an initial public offering, or IPO, that could come before the end, and it’s working with other Chinese exchanges and brokerages to support its initial public offerings.
CoinShots has already begun accepting Dents.
It currently supports Huobi and Huobi+ tokens, but that service will be extended to Dents as soon as the service becomes available to other exchanges.
Coinshots is one of several Chinese cryptocurrency exchanges that have started to offer trading for the Dents token.
“Dents will be a great opportunity for investors to trade in China,” said Hu Qian, co-founder and chief operating officer of Dents and a founding member of CoinShops, a cryptocurrency exchange for the Chinese market.
“We are working with a few Chinese exchanges to help make the platform better.”
China is a major hub for trading for cryptocurrencies.
More than one billion people have access to some form of cryptocurrency, including Dents tokens.
The country has more than 20 cryptocurrency exchanges, including the largest one, Huobi.
Coincoins, an early-stage cryptocurrency trading platform that is part of CoinGroup, the leading crypto-exchange company in China in addition to CoinShares has been a leading pioneer of the Chinese cryptocurrency market, according to Bloomberg.
“Chinese markets are extremely vibrant and they’re full of value, with plenty of opportunities to capitalize on,” said David Li, cofounder and CEO of CoinShare, in an email.
CoinShare is backed mostly by Alibaba.