Kyber Networks Beta Exchange Breaks $1Million Volume

Some positive news out this morning in amongst an overall depressive outlook, as Kyber Network reaches $1Million in volume through a beta version of their exchange network. This news, paired with an announcement of a pending listing on Bithumb has seen the value of Kyber Networks currency, KNC absolutely sky rocket.

The Kyber Network exchange allows users to exchange currency directly from their wallet on an easy to use online platform. You can access the network for yourself, here-

The Kyber Network claims to facilitate instant exchanges, using a proxy payment system which allows anyone to pay in one currency, allowing the person receiving the funds to receive it in the currency of their choice. The system is secured by smart contracts. Moreover, Kyber Network maintain a reserve of their KNC tokens in order to ensure the system retains liquidity. Transfers and exchanges are instant, this is a concept that looks to be taking the Kyber Network a long way.

How does KNC look now?

At the time of writing, KNC is valued at $3.10 and is up 59.24%. This is almost certainly down to the new Bithumb announcement and of course, down to the huge volume of exchange which has taken place on their beta network. Indeed, this looks to be an exciting time for the Kyber Network team, during a market that now looks to be a little worse for wear.

Really, it’s a shame all of this didn’t happen during the market surge, perhaps in that instance, we would have seen KNC hit $5.00 and beyond, who knows.

The wake of this news within the Kyber Network has seen the value of KNC shoot up by over a $1.00 in just a matter of hours, suggesting that this is indeed just the start what could be a long trajectory of gains over the next couple of days. When the Bithumb listing goes live, we might even see KNC shoot up even further, perhaps then the $5.00 really isn’t so far away after all.

Given the current state of the market, we should expect KNC to calm down soon enough, the excitement of the announcements has of course had a big impact on the value of this currency and on the notoriety of the Kyber Network in general. As the Bithumb listing goes live we may see a second big spike, overall however we shouldn’t let our optimism get the better of us, just yet.

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