Decentralized Exchange Kyber Network Adds Fiat-to-Crypto Support

Michael LaVere
  • Kyber Network DEX announces support for ETH purchases using fiat.
  • Clients can use the exchange's website or iOS and Android mobile applications. 

Decentralized cryptocurrency exchange (DEX) Kyber Network has announced support for a new fiat-to-crypto gateway that will allow users to directly purchase Ethereum's ether. 

Fiat to Ether DEX Support

According to the announcement, Kyber Network has become the first DEX to support the direct purchasing of ether using fiat. The release claims that clients can use either debit or credit cards in the purchase of ETH, in addition to instituting a low minimum purchase of 15 EUR per transaction. 

Support for the new feature comes after KyberSwap’s recent partnership with Coindirect.com, a third-party service backed by MakerDAO which allows for the purchase of crypto via fiat. Kyber Network says they were prompted to implement crypto for fiat purchases as a way for new users to have easier access to ether,

“Everyone needs to first buy Ether (ETH) from somewhere, whether to trade or to use DeFi (decentralized finance) applications...Generally the first step is the hardest, but it’s even harder when it comes to buying cryptocurrency.”

The new gateway will be available through the DEX’s official website in addition to the iOS and Android mobile applications.

 

Featured Image Credit: Photo via Pexels.com 

Ether (ETH) Is the Highest Correlated Asset in Crypto, Binance Research Finds

Francisco Memoria

New research shows Ethereum’s ether, the largest altcoin by market capitalization, was the most correlated asset in the cryptocurrency space last year.

According to a report published by the research arm of major cryptocurrency exchange Binance, ETH had an average correlation coefficient of 0.69, out of a total of 20 leading cryptocurrency the report went into.

It notes that assets with a correlation of over 0.5 are considered to have a strong positive association, while those with a correlation of -0.5 are considered to have a strong negative association. A close-to-zero correlation shows there’s a lack of a “lack of linear relationship between two variables, and for this analysis, the returns of two assets.”

Essentially, a positive correlation implies two assets tend to move in the same direction, and investing in them could mean the investors is being exposed to similar risks. A negative correlation, on the other hand, means one asset can, in theory, be used to hedge against the other.

The report reads:

Ether (ETH) is the highest correlated asset. With an average correlation coefficient of 0.69 throughout 2019, it is consistently among the most correlated assets. The coefficient started at 0.69 in Q1 and rose to 0.72 in Q4 (Q2: 0.65; Q3: 0.74).

Out of all the top cryptocurrencies, Tezos (XTZ) was proven to be the least correlated asset, with a median correlation coefficient of 0.3. In general, blockchains with smart contracts and decentralized applications – like that of NEO, EOS, and ETH – had higher correlations with each other.

Other cryptocurrencies that have shown a high correlation with the rest of the market include Binance’s BNB token, XRP, LTC, EOS, and ADA. Other cryptos with a low correlation to the rest of the market were ATOM and LINK. Overall, the report notes the median correlation between top cryptos slightly dropped in Q4 2019.

Featured image via Pixabay.