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ShortHop, the digital asset platform launched by Velocity Markets, has rolled out its services in seven additional U.S. states, according to CoinDesk.
As per the report, the “exchange of exchanges” for crypto trading has expanded its business to Arizona, Indiana, Massachusetts, Montana, Nevada, New Jersey, and Rhode Island. The company already has an established presence in California, Illinois, and Washington.
The Wilmington, Delaware-based firm is described as a “spot fill market” that can transact digital asset listings from several order books on one screen in addition to its orders while offering customers with the lowest price.
Its concept is similar to Voyager and Fidelity Digital Asset Services, according to the news outlet. Both are brokers that help clients steal the best deals, but ShortHop acts as a broker while having its own exchange.
“ShortHop is a spot market first, but we’re aggregating liquidity across the ecosystem,” Jonathan Kelfer, CEO of Velocity Markets said.
Its organic orders get the same treatment as other orders on the marketplace, but Kelfer underscored that “the more orders, the better the price.” ShortHop’s services are currently plugged into eight exchanges and over-the-counter (OTC) desks.
Users are currently able to acquire and trade bitcoin, ether, litecoin, bitcoin cash, XRP, and Stellar lumens (XLM). ShortHop facilitates trades that algorithmically “hop” between any two assets, allowing users to diversify their digital asset holdings conveniently and solving a key trader pain-point.
“Currently, converting from one digital asset to either another asset or to USD may require passes through multiple exchanges. These types of transactions typically entail lost time and lost value. What takes one or two clicks on ShortHop may require dozens in today’s existing marketplaces,” Kelfer was quoted saying by Crowdfund Insider during the July expansion of ShortHop in the three states.
Voicing his frustrations when he could not access the same pricing and quality of experience from the “big guys,” Kelfer said, “We built ShortHop.com to solve that problem, by offering access to digital assets at the best available price points via our simple and intuitive UX and API offerings.”
ShortHop has applied and obtained money transmitter licenses in each state it does business. It also eyes its licenses in Utah and Pennsylvania next week.
