Latin Crypto Exchange BOT: Buy and sell crypto using Telegram or WhatsApp
Updated: May 28, 2020
The cryptocurrency world is a never-ending development of great ideas on an open-source code that allows developers to create new and better ideas using crypto.
I recently came across a news article, announcing the creation of a new bot available for Telegram and WhatsApp, launched by Latin American crypto exchange based in Colombia, named Panda.
"Panda Exchange is in continuous development thanks to the contributions of the different cryptoactive enthusiast communities in America and the world, incorporating more and more cryptocurrencies and tokens available to the portfolios of its different users, reaching more and more markets and facilitating everyone's access to the future of the economy."
“Unlike many other exchange platforms, at Panda Exchange, we are fervent believers in the greatness and importance of Bitcoin Cash for the now and tomorrow of the crypto world, which is why we offer direct pairs with this cryptocurrency, as with its predecessor, Bitcoin, and with Ethereum for all ERC-20 tokens that are incorporated into Panda Exchange”
The bot allows customers to purchase crypto directly from their phones—a new to buy instead of signing in the exchange.
“About the process, the Panda CTO explained that it is not necessary to be registered in PandaBTM to start executing the bot. This tool allows registration for new users, while those who already have their credentials on the platform should only validate their phone number. The latter responds to the fact that in each operation, the platform will send a validation code.”
At first, I thought the idea of having this bot was to eliminate processes that are required on exchanges such as KYC protocols. Nonetheless, this bot will not eliminate this, and it is just a new way to "sign up" but in a platform that we may be more accustomed to, such as Telegram and WhatsApp. Their main focus, as stated on their site, is to develop a user-friendly platform, and branching out using Telegram and WhatsApp is great. Nonetheless, I don't know how secure you may feel registering on both of these Apps. I wouldn't; I'd rather go on the exchange; either way, I'm still going to be asked KYC.
Nonetheless, I do believe every new idea and way to bring crypto closer to people is great. If this was implemented on a Chilean based exchange, I would try out some purchases using a bot like this.
“The company explained that this new functionality will provide a more personal experience and an alternative to traditional Peer to Peer ( P2P) exchanges and solutions .”
“P2P or peer-to-peer technology is used to be able to work with cryptocurrencies without any central authority or bank, since all transactions and currency issues are carried out together by the network.”
“Panda Group explains that the interested person should contact the Bot, either through Telegram or WhatsApp, and it will guide the entire process as if it were a face-to-face operator.”
Although some are not fans of bots, nonetheless, I believe that the idea of having an operator that will guide you on your process of signing in and purchasing crypto is beneficial, especially for newbies/holders who need more guidance when initiating this process.
I believe we will start seeing more of this, and maybe it will even be implemented on the biggest crypto exchanges worldwide.
By: Carolina Perez