Electroneum (ETN) has been on the rise. In fact, the coin that lets you mine and trade with a straightforward mobile app, is now Know Your Customer (KYC) compliant.
In addition, many more users have downloaded the software onto their smartphones, and the token’s value has been going up.
Electroneum (ETN) has been performing well while many others have been stagnant
Its market cap has climbed from around $40 million in mid-September to nearly $200 million today, now ranking it 42nd. It’s up 9% in just the last 24 hours–nothing wild, but still steadily climbing
And Electroneum is still very new. This British cryptocurrency launched its ICO just last month. It stands out as being easy to download and install right on a mobile device. And since Electroneum developed their own blockchain, you’re able to use the app to store and mine right away.
For this and other reasons, the token may attract more interest
Electroneum (ETN) represents a new wave of crypto development that wants to reach people who aren’t necessarily so tech-savvy. This could be part of their success. And the number of people getting on board has kept growing. The announcement of KYC compliance has only helped matters. One big issue that can scare entry-level customers away from crypto is its dark side—anonymity and fraud. KYC offers a solution, helping verify user identity.
KYC allows users to attach documents to show their legitimacy: utility bills with an address, bank statements, etc.
These documents are validated online the same as with a bank or other institution, so the papers are not going to be fraudulent.
But Isn’t Cryptocurrency Supposed Do Things Differently From a Bank?
It’s not an easy question to answer. Of course, anonymity isn’t a negative thing for every crypto user. For some, it’s a plus, and it be part of having more control. After all, KYC does collect some of your data and oversteps privacy a little. This contradicts the value of decentralization. But for some, especially new users, some sort of middleman also provides security.
At any rate, the move has been very positive for Electroneum (ETN)’s value. KYC compliance is attractive to many institutions. It could help provide some leverage as blockchain becomes regulated, as it’s begun to in countries like Australia. It will definitely be interesting to see if this trend continues in this 4th quarter and beyond.
Want the latest crypto news? Join our Telegram Channel