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BTC Markets To Enable Trading Of The DAO Token On May 28

BTC Markets, an Australia based Bitcoin exchange, has announced that it will add support for 'The DAO' tokens on its platform on 28th May 2016 - the day the creation phase of ‘The DAO’ ends – enabling users to trade Bitcoin and Ethereum for 'The DAO' tokens.

“The platform will initially go live with ETH/DAO and BTC/DAO markets. After the creation phase it’s possible for token holders to transfer ownership and deposit tokens onto BTC Markets for trade. This will place BTC Markets as one of the first exchanges in the world to add support for ‘The DAO’ tokens”, BTC Markets said in an online post.

The DAO, or Decentralized Autonomous Organization, leverages smart contracts on the Ethereum blockchain to enable anyone, anywhere in the world to create their own autonomous organization. The DAO crowdsale has broken all records already as it has raised over $160 million so far and still has 8 days to go.

The DAO only accepts ETH as investment and currently holds more than 11 million ETH, out of the 80 million ETH in existence – a massive 13.75% of the total circulation, Finance Magnates noted. BTC Markets states that The DAO is one of the most “clear cut uses of Ethereum so far.”

Jarrod Crane, BTC Markets Managing Director, attributed the decision to support 'The DAO' to unprecedented demand, adding that it has already become the largest crowdfunded project till date.

Earlier in February, BTC Markets announced support for Ethereum, with the launch of a full AUD/ETH marketplace. It also launched a BTC/ETH pair for the convenience and liquidity of international traders interested in trading ETH quickly without having to deal with AUD and verification.

By Shampa Mani
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