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Gemini, Bittrex, bitFlyer USA, and Bitstamp have formed an Exchange Alliance
Editorial Team

 

According to the publication from bitcoinnews.com, cryptocurrency exchanges Gemini, Bittrex, Bitstamp and bitFlyer USA have created an alliance called the Virtual Commodity Association (VCA) working group.

The basic goal of the working group is to be a self-regulatory organization (SRO) that will regulate its cryptocurrency exchanges with a common set of rules, helping the increase of global crypto adoption by increasing security, compliance, accountability, and transparency. The working group will have an independent board of directors and executive director.

Talking about the cryptocurrency exchange, Bitstamp has been one of the top USD to Bitcoin exchanges since the early days. Gemini is a well-known New York City-headquartered exchange which is targeted at institutional investors. Bittrex is a popular crypto exchange that accepts USD. bitFlyer USA is the US branch of Japan’s most popular exchange.

The fame and the significant amounts of money traded are the common denominators among these exchanges. However, they are far away from the top-ranked crypto exchanges. Huobi, Binance, Bitfinex, and OKEx are the top crypto exchanges worldwide with a trading volume of USD 0.5-1 billion. Bitstamp has trading volume of less than USD 100 million per day, Bittrex is at less than USD 50 million per day, and Gemini is around USD 25 million per day.

Besides focusing on regulation, the VCA working group will be targeting at working together to achieve greater success, like an alliance or cartel. It would be a great opportunity for these small fish to become a bigger player in an ocean filled with whales.

It seems like the VCA working group to be ready to accept new members. It is possible for the working group to become more influential in the industry one day.

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