BitMart Rolls Out Euro on P2P Trading Marketplace

Monday, 27/05/2024 | 15:09 GMT by Tareq Sikder

The inclusion of the Euro enables users to access deals from various sellers.

The firm's P2P marketplace is expanding its services to meet the needs of its users.

BitMart, a global cryptocurrency exchange, has announced the addition of the Euro (EUR) to its peer-to-peer (P2P) trading marketplace. This new feature aims to provide European users with enhanced opportunities for cryptocurrency trading.

Diverse Exchange Rates for User-Seller Deals

The P2P trading platform at BitMart allows users to interact with multiple sellers who offer various exchange rates and payment options. This model, similar to online marketplaces, enables users to find favorable deals according to their preferences, while sellers can reach a wider audience of potential buyers.

Nickolas Hoog, VP of Marketing at BitMart, Source: LinkedIn

"With Euro being one of the world's most widely used fiat currencies, its inclusion in our P2P marketplace simplifies fiat-to-crypto transactions for our European users," said Nickolas Hoog, VP of Marketing at BitMart.

"With EUR now available, we offer our European users a seamless and efficient path to engage with crypto markets, reaffirming our dedication to providing a diverse range of options for our expanding global user base."

Compensation Plan after Hack

Earlier, BitMart fell victim to a major hack, resulting in the theft of $196 million worth of digital assets, as reported by Finance Magnates. The platform's Founder and CEO, Sheldon Xia, had announced that BitMart would compensate all affected users using its own funds.

Initially denying claims by the crypto-security firm Peckshield about the breach, BitMart later confirmed the hack, attributing it to a stolen private key compromising two hot wallets. The attacker utilized a decentralized exchange aggregator, 1inch, to swap stolen tokens into Ether and then sent them to a privacy mixer, Tornado Cash, to obscure their traceability.

Xia assured users of the efforts to enhance security measures and operations, promising to restart deposit and withdrawals by December 7, 2021. This incident underscores the persistent threat cybercriminals pose to cryptocurrency exchanges, as demonstrated by recent attacks on other platforms like Cream Finance, which lost $130 million in a flash loan attack the previous month.