Fiat currency pairs are particularly important for cryptoassets because they require significant integration with preexisting financial infrastructures. Due to high levels of required compliance, only a small number of cryptoasset exchanges offer the capability to accept fiat currency or connect to investors’ bank accounts. These exchanges, such as Bitstamp, GDAX, itBit, Gemini, Kraken, and a few others, are hesitant to provide access to all cryptoassets, as they do not want to encourage trading in those that are not reputable. Given their caution, it is a stamp of approval for a cryptoasset
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This also represents new money into the market! It also IDs exchanges that are most(?) important when tracking which assets are traded where
