AltQuick, a BitQuick offshoot, has announced that it will begin offering users the option to purchase altcoins using fiat through local banks and credit unions. By offering this option for altcoins, the company is opening up another facet of cryptocurrencies to more people.
Also Read: ShapeShift.io Refutes BitLicense, Halts Services in New York Area
One of the most important aspects of this offer is the fact that AltQuick is using the Shapeshift API on the back end to help facilitate the exchange. The description says that AltQuick allows users to buy altcoins with a cash deposit via local banks or credit unions. This service supports Litecoin, Peercoin, Namecoin, Feathercoin, Dogecoin and many more.
From AltQuick CEO and Founder Jad Mubaslat
“Up until now, despite the heavy interest in various cryptocurrency projects out there, they’ve been relatively difficult to acquire, especially with fiat. Our integration with ShapeShift allows us to conveniently mirror BitQuick.co’s orderbook onto AltQuick.co in a variety of cryptocurrencies supported by ShapeShift,” said AltQuick CEO and Founder Jad Mubaslat. “I’m excited about this for a variety of reasons, but most importantly we will be able to service different cryptocurrency community enthusiasts, while at the same time increasing BitQuick’s liquidity.”
Altcoins have been having a good run as of late, led by Litecoin in the weeks leading up to an impending halving of the block reward. The ability to use fiat to purchase Litecoin can help bring even more people into the currency and make it easier for traders to secure quantities of Litecoin and other altcoins.
BitQuick decided to spin up AltQuick to give altcoins their own platform. Emily of Shapeshift had this to say:
“AltQuick is an offshoot of BitQuick.co and they have been providing a service that allows users to buy bitcoin and digital currencies with cash deposit via cash deposit at a local bank or credit union. AltQuick was created after BitQuick (bitquick only allowed bitcoin purchases) in order to allow those wishing to sell altcoins to connect with buyers. They decided to integrate with the ShapeShift API so that they could increase the offers on AltQuick by using the same order book as the BitQuick offers existed under to then just offer an exchange to altcoins.”
AltQuick offers more flexibility to people buying and selling cryptocurrencies. Shapeshift is currently not operating in New York due to BitLicense, so it remains uncertain if AltQuick — using the ShapeShift API — will be available in New York. If not, it is another opportunity that New Yorkers will miss out on due to Benjamin Lawsky creating regulations so he could run a private sector company to help people and companies navigate their way through the tangled web of bureaucracy. BitQuick’s expansion of services to altcoins is also welcome, as it shows the growth the industry has been going through with many companies expanding adding to the new businesses being created.
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Images: Shapeshift.io, AltQuick