[Q&A] Chinese Exchange LakeBTC Offers BTC-EUR Trading

China-based bitcoin exchange LakeBTC is offering trading and deposits in Euros, and plans to add more currencies.

The exchange has been planning to offer EUR since at least October 2014, as indicated by LakeBTC CEO Thomas Xie in an interview with AllCoinsNews at the time.

Today ACN had an opportunity to chat with LateBTC’s Jeremy Cho regarding the new service.

ACN: When will EUR trading be available?

Cho: BTCEUR trading is already online at LakeBTC.com! You may see it in LakeTrader at https://www.lakebtc.com/trader?ticker=btceur or just at our Trade pages to place buy/sell orders https://www.lakebtc.com/orders/bid?ticker=btceur

ACN: Why have you waited this long to trade in EUR?

Cho: The overall bitcoin market did not grow as quickly as everybody had expected as reflected by the price and adoption. We take this as an oppurtunity to upgrade our tech platform and further strengthen our security processes. Today with a super solid and flexible infrastructure, LakeBTC is ready to handle more asset classes, complex financial products, and high transaction throughputs.

ACN: What other currencies is LakeBTC looking at trading?

Cho: In theory we can handle all currencies on this planet. In the near future, we may add Hong Kong dollar, Australian dollar, Mexican Peso, Swiss Franc, and Singapore dollar. It all depends on our users’ need and our goal is to make buying bitcoins as simple as possible for people from different countries.

ACN: What other plans do you have for this year?

Cho: We have a roadmap with many important and exciting items on it. On the core exchange engine side, we will introduce more order types, attributes, and features to offer a professional experience to institutional investors and traders. We also plan to work with more liquidity providers so people will always find the best prices regardless of your order size. On the accessibility side, as mentioned earlier we will further streamline the processes and enhance the overall user experience.

ACN: What is your overall exchange volume?

Cho: That really depends on the overall market sentiment. Roughly speaking it’s between 10K – 30K coins per day most of the time. Keep in mind that this number is somewhat skewed because we are forced to offer free BTCCNY trading for Chinese citizens. This sucks, but welcome to China.

ACN: How has the stock market crash in Shanghai and other markets affected LakeBTC?

Cho: Earlier this year the stock market heated up and attracted an enormous amount of money from everywhere, including the bitcoin market. Now the plummet obviously released some of the money back to alterative investment vehicles, and bitcoin is one of them. As you can see the price rose moderately in the past a few weeks. Hardcore bitcoin advocates have to realize that bitcoin is still a minority, even in ALT asset classes. The price stays low. Scandals after scandals. Stolen coins and compromised wallets. Politics and dog fights. There’s still a long way to go to regain public’s attention and confidence.

What we can do at LakeBTC is to make our exchange a safe, liquid, and fair market for everybody. As a matter of fact we are probably the only exchange without any stolen coins or scandals since inception. We have a sizable user base and work with market makers and liquidity providers to better execute trade orders. And, we are the one exchange that cares about and stresses on fairness of a marketplace. We have market surveillance programs, carefully designed products, and no under-the-table deals with any bodoy. Unlike some other places, our business model is not to rip off the users.

ACN: How has it affected bitcoin for Chinese traders?

Cho: As mentioned above, some of them came back to trade bitcoins if they still have some money left after the crashes and margin calls in stock markets. For hedge funds and professional traders, bitcoin is hardly a mainstream investment products so no significant changes from them. LakeBTC is an exchange for traders from all over the world and a wallet service for users from all over the world.