Canada’s new crypto exchange, National Digital Asset Exchange (NDAX) announced its support for the trading of XRP tokens. The brokerage firm will accept Canada’s fiat currency and will not charge for deposits until the end of the current year. The exchange had its soft launch on June 23.
NDAX started its operations on May 31 without much fanfare as it was waiting for the stress test to get completed. One of the salient features of the cryptocurrency exchange is that the fiat amount deposited (CAD) by customers is held in a separate bank account with reputed Canadian banking institutions.
There are also other competitive advantages that the digital coin exchange provides. This includes deep liquidity for bigger transactions, institutional type security, instant verification of ID, and low fees for trading and withdrawals. Aside from these, it offered interface e-Transfer, EFT/direct deposit, certified cheque, bank draft, and wire as options for expeditious settlements.
NDAX is offering protection through multi-signature technology, making sure that the security of customers is not compromised in any manner. The exchange holds 98 percent of the digital currencies in cold storage. Significantly, the exchange is regulated as a Money Service Business by Canada’s Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Therefore, the support extended to XRP is a significant development. This would mean that it could join the list of other digital coins like Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). Canada’s other two exchanges Coinsquare and QuadrigaCX, currently, don’t support XRP.
In its earlier statement, NDAX indicated that users could feel comfortable with its platform since it is the most advanced virtual asset exchange. The exchange disclosed that its stress test was meant to improve the site before going live officially. It was because of the stress test that the exchange preferred a soft launch.
The statement said:
“NDAX banking allows users to seamlessly fund their account, buy, sell, trade and withdraw funds in the fastest and most secure manner through its compliance to anti-money laundering and FINTRAC regulations. Expedited settlement options include Interac e-Transfer, wire, bank draft, certified cheque and EFT/direct deposit.”
The exchange indicated that it has fully complied with the requirements of counter-terrorist financing and anti-money laundering.