FOR IMMEDIATE RELEASE
Poloniex is the First Centralized Exchange to List a Groundbreaking New Development in Crypto Trading
In a Historic Move, Poloniex Welcomes Customers to Trade jl777hodl (JLH) Crypto-Asset for Bitcoin
WHITEFISH, MT, July 18, 2014 — Poloniex.com announced today that the company will list the jl777hodl asset (ticker symbol JLH) on its popular cryptocurrency exchange platform. The fund, which represents a basket of high-performance crypto initiatives, was previously only available via the NXT asset exchange.
Its inclusion alongside Poloniex's list of virtual currencies signals a significant new source of liquidity to crypto-based companies as it opens the door for others to issue Bitcoin-tradable assets directly.
"Previously, a cryptocurrency's value came primarily from its scarcity or speculation of adoption in mainstream markets," stated Poloniex owner, Tristan D'Agosta. "JLH brings a new, far more stable investment option to crypto." He added, "As for our part, we are eager to play a small role in the forward movement of crypto."
JLH (asset number 6932037131189568014) is essentially a wrapper for around 20 different promising NXT-based assets, including many created by other companies and individuals. These include everything from payment processors and crypto venture capital funds to mining outfits and online stores.
Since the NXT Asset Exchange was launched in May, a wide range of assets has been issued. NXT developer and forum member, jl777, has been responsible for a number of these, including the popular NXTventure — a business that invests in enterprises advantageous to NXT and the broader cryptocurrency ecosystem. With specific regard to JLH, the liquidity of 10 Million JLH shares reduces exclusivity of high-value assets and broadens the opportunity to invest. "JLH was crafted using the stock 'Berkshire Hathaway' as a model," explained jl777, who has recently assisted NXT community members in launching successful assets of their own. "There's an art to crafting a successful asset," jl777 added. "The NXT community is an innovative and entrepreneurial group, and this asset provides an excellent model for others to follow."
Although the addition of a crypto-asset to a traditional exchange may seem trivial, the development heralds a radical shift in the cryptocurrency landscape. "To my knowledge this will be the first time a major exchange trades any NXT asset, or any colored coin from any other platform," stated Bas Wisselink, NXT community manager. "JLH will trade against Bitcoin: this will be the first direct path between a non-Bitcoin asset and Bitcoin funding."
This represents a growth step for Poloniex, too. Instead of trading in digital currencies alone, the exchange has elected to expand its list to include a whole new class of offering. "Assuming success with JLH, I expect that more and more NXT assets will trade on Poloniex and, by extension, other exchanges too. NXT assets can now be viewed as BTC equivalents," explained Dan Kindly, NXT marketing associate.
Investors are recommended to perform their own due diligence on the assets that make up jl777hodl. More information can be found at jl777.org and nxtforum.org. "The value of JLH is solely based on the value of what it contains," jl777 stated. "I have chosen these assets because I believe in their future potential, but investors need to do their own homework. Of course speculators may choose to skip all that, but I am more interested in reaching the long term buy-and-hold investors — hence the name."
Based in the United States, Poloniex is a leading cryptocurrency exchange offering over 100 Bitcoin (BTC) markets available for trading. Founded in January 2014, Poloniex offers a secure trading environment and provides advanced charts and data analysis tools to its customers.