Another Z tiered CEX?
After weex.com listed Hive some months ago, we are getting another CEX listing for Hive: Hotcoin.com If you have never heard of this CEX then welcome to the club - it's the first time I have come across it and only saw this announcement on X where Hiveblocks mentioned it.
https://x.com/HotcoinGlobal/status/1869329265814094143
Apparently they announced this listing just one day prior to opening the market and it would be interesting to know how this listing was established. Was this a Hive initiative? If so, well done...
But is this going to be another CEX without volume? Actually... perhaps no!
Hotcoin
The first thing we see when looking at their X account is... No KYC Required. Nice! I thought the days were over for CEXs to not treat their customers as criminals. Not that this is set in stone of course and it ould change at any time, but it's still nice to see. Registering an account is very easy and just requires an email address.
Note: If you are registering from the EU I would recommend using a VPN outside of the EU as they will implement MiCA in 2025 which could lead to a KYC requirement.
What are the stats?
- The company is registered in the Seychelles and operates out of Australia. No really sure if that's great, but it could be worse. The exchange also doesn't have the best trust score, but it's been around since 2017 so it has withstood at least one bear market.
This seems like a big deal
Why? Because for some reason we are getting around 9M daily volume there! That is what we are seeing on Binance and if this volume holds, we will have an access to a high liquidity CEX without KYC. Nice! I didn't expect we would get access to this kind of service anymore and while I haven't made any deposits or trades yet, this seems very promising.
Conclusion
If this holds (no KYC and high liquidity) Hive just got an early Christmas gift. Not that we should be dependent on any CEX and Hive's future lies in DeFi, this is still good to have and it will make it for many users a lot easier to access Hive.
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