Luxembourg-based exchange Flyp.me, which allows instant and KYC-free trading, has recently announced that it has begun supporting the Liquid Network bitcoin sidechain with the listing of L-BTC.
What is Liquid Network
Liquid Network is a sidechain of the main Bitcoin blockchain born in 2015 and developed by Blockstream.
Bitcoin often has very high fees and so, in order to have instant transactions at almost zero cost, several sidechains were born including Liquid and the more famous Lightning Network. Liquid is in fact 10 times faster than Bitcoin and is therefore suitable for fast payments, for traders who want to carry out quick transactions in times of high volatility, or for business use.
Basically, to use Liquid all you need to do is deposit bitcoin and in return, it will create the asset L-BTC, which is a kind of “stablecoin” pegged 1:1 to the value of BTC.
How to use L-BTC on the Flyp.me exchange
L-BTC can be used on the exchange by connecting to any wallet that supports it.
Here are the steps:
- Select the crypto you want to trade, for example BTC, enter the destination address of L-BTC and the amount you want to convert;
- Enter the redemption address, in this case, the one for Bitcoin;
- Send the correct amount of BTC to flyp.me.
What is Flyp.me
The platform supports over 30 cryptocurrencies including: Bitcoin, Ethereum, Zcash, Augur, Litecoin, Syscoin, Pivx, Blackcoin, Dash, Decred, Dogecoin, Flyp. me Token, Gamecredits, Peercoin, Aidcoin, 0x, Vertcoin, Basic Attention Token, BLOCKv, Groestlcoin, Essentia, DAI Stablecoin, Power Ledger, Enjincoin, TrueUSD, Cardano, Storj, Monero, Maker, DigiByte, TetherUS and USDC.
HolyTransaction is one of the longest-running custodial wallets around, as it was founded in 2014.