[EU] Spectrocoin adding DASH payments / exchanges / wallets

M

magick

New member
Brought to us on the Portuguese forum, but since it's not getting much mention over there I thought I'd add it here: https://blog.spectrocoin.com/2016/06/spectrocoin-to-support-dash-cryptocurrency/

This looks potentially interesting for the UK/EU market if their prices are decent. If Bitcoin is anything to go by, prices in their rates table are the mid price; there seem to be commissions of 3% either side in EUR and 4% either side in GBP. Fractionally more expensive than Circle Pay, but not much; if they can keep the commissions similar for DASH they may be onto something. The prepaid card is a clever touch, too.

With due and proper suspicion, but every chance it may well be above board, they're using a web wallet model (and clearly hoping that people will leave funds on deposit with them); up front, they mention a plan to operate some masternodes and to share the proceeds with those holding funds on the exchange. Unclear what that will mean in practice and obviously it adds risk, but if they manage to pay a respectable rate of interest from a credible source then that also might look interesting.

Thoughts? The Dash integration isn't done yet - slated for mid-August - but it should add another competitor to the EU Dash market, which does no harm.
 
They're actually a Lithuanian company with a UK operation; the news just came to me via an article in Portuguese. However, they look to be a respectable European exchange, so it should be good for Portugal and Europe in general.

I had some fun and games enabling two-factor authentication (their e-mail server is slow to retry and it does not play nicely with servers that use greylisting) but I've set up an account with them and had a look around. They seem to have the option to buy BTC (and soon DASH) by debit card in EUR, and (for the time being, doesn't always last) by local bank transfer in GBP.

The make-or-break factor (imho) for their expansion into Dash (especially for their plan to share masternode revenue) will be the percentage premium to buy Dash vs. the 'interest rate' they see fit to pay on Dash balances. If acquisition cost is 3% and annual return is 6% that may attract new fiat investment, and if acquisition cost is 2% and annual return is 6-8%, that'd potentially be an attractive financial product.

Right now they're not the very cheapest on BTC but they're not far from it. I recently bought £30 worth of BTC via Circle and checked Spectrocoin at the same time; they were ~2% more expensive which competes with my local GBP exchanges. If we assume a similar markup on Dash (could be wrong, of course) then they'd compete with most of what's in the UK, but would still lose out to Circle/Changelly/Shapeshift. But they'll know that, and if their model involves running masternodes then they've an incentive to keep entry premiums low to attract investment as well as exchange customers.

It will be interesting to see how that pans out; they will have to overcome public attitudes to the risks of leaving funds on an exchange and tempt customers into keeping modest sums with them, as well as maintain sufficient liquidity to meet customer requirements. If they can pull that off, they'll be a force to be reckoned with?
 
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