- With the release of the IOTA Hub, more exchanges are able to list IOTA
- BitPanda, one of the oldest living exchanges in crypto offers IOTA/Fiat trading
European fiat gateway exchange BitPanda this Tuesday announced that they have integrated the IOTA (MIOTA) IXI Hub and will begin allowing users to deposit and withdraw IOTA from the exchange.
IOTA is one of the most ambitious projects in crypto, aiming to position itself as the default network protocol for the Internet of Things. But to rise to that challenge, the architecture of IOTA is built from the ground up very differently than other projects in crypto, eschewing blockchain for the tangle.
This difference in architecture, combined with the high level of innate security in the network which forces the creation of new addresses every time a user sends a transaction, has made early IOTA very tricky for exchanges to list – one of Binance’s early draws was that it was almost the only exchange that managed to list it.
The IXI Hub is the IOTA Foundation’s solution for this issue. The Hub offers a developer friendly API which takes care of a lot of the back end difficulties in connecting user addresses to the main exchange wallet, as well as seed management and other issues.
BitPanda is a rebrand of Coinimal, founded in 2014, one of the oldest exchanges in crypto, and definitely part of the ‘old guard’ of this young space.
Originally relaunched in 2016 as a Bitcoin/Fiat only exchange, BitPanda has been gradually adding more trading pairs in the last two years.
BitPanda first began offering IOTA trading in June of this year. However, due to the technical difficulties in listing, they did not allow customers to deposit or withdraw IOTA from their accounts.
They first attempted to create their own hub to enable user deposits and withdrawals, however with the release of the official IOTA Hub in August they decided to use that, and contacted the Foundation for help integrationg the Hub into their operations.
Edward Greve, Head of Engineering at the IOTA Foundation commended BitPanda developers on the collaboration in setting up the Hub, remarking that the exchange worked quickly and professionally to get the job done.