Crypto Street Announces Public BETA Launch of its Cryptocurrency Exchange

Crypto Street is announcing the BETA launch as the first US based cryptocurrency exchange. End Quote

(1888PressRelease) August 02, 2013 - Colonia, NJ - Crypto Street has announced the public beta launch of its cryptocurrency exchange, supporting trade across Bitcoin, Litecoin, and Feathercoin. The public beta was officially opened on Monday July 29, 2013 and was well-received with over 1,000 registered users.

Several exchanges have cropped up in the recent months, but Crypto Street is now the first US based cryptocurrency exchange. To celebrate the launch, the company has zero fees to trade and withdraw. "We want to encourage a strong economy between the various altcoins," said CEO Shamoon Siddiqui, "and that's why we're starting with a no-fee model. But of course, that will change in time." Other features of the US based exchange include a gorgeous UI, real customer support, enhanced security via multiple cold storage wallets and a passionate team dedicated to bringing cryptocurrencies to the forefront of modern commerce. The company is located in Colonia, NJ and is open to users worldwide.

About Feathercoin and Litecoin
The Bitcoin protocol was originally released in 2009, but since then many cryptocurrencies have emerged, the most popular of which is presently Litecoin. Feathercoin is a Litecoin derivative and both offer different technical features from Bitcoin. Whereas Bitcoin mining is rapidly becoming specialized, available to the select few with deep pockets who can afford serious hardware, Feathercoin and Litecoin use the scrypt hashing algorithm which is currently has no specialized hardware available. The scrypt algorithm is not compatible with the Bitcoin ASIC miners which renders them useless. The cryptocurrencies also have block confirmation target of 2.5 minutes as opposed to the 10 minutes that Bitcoin is designed for.

Additional Cryptocurrencies
There are currently over 20 altcoins, many of which are simply novelties such as Junkcoin. Crypto Street's criteria for selecting additional cryptocurrencies include: strong community support, the current market adoption, and core developers who are committed to continually supporting and releasing updates. Slated next for release are Namecoin (which are used to purchase ".bit" domain names) and Primecoin (whose mining algorithm generates prime chains).

Crypto Street Details

The exchange does not yet provide USD or EUR trades, deposits or withdrawals due to the complex money transmission laws that vary per country and states, but they are working towards that goal. The existing currency pairs traded are: BTC/LTC, BTC/FTC, and LTC/FTC.

Whereas other exchanges list BTC generally as the quote when compared to another altcoin, Crypto Street borrows a notion from the foreign exchange markets. They structured the base/quote pairs so that the stronger currency is the base (e.g., BTC/LTC = 37.037 as opposed to LTC/BTC = 0.02703). "This has caused some confusion in the marketplace, but we feel that our methodology provides for more transparency and clearer trading," said COO Yaniv Sofer.

Visit https://www.crypto.st and register for the first US based Bitcoin, Feathercoin, and Litecoin exchange.

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