Global cryptocurrency exchange BitMart has announced the addition of Euro (EUR) trading to its peer-to-peer (P2P) marketplace, aiming to provide more cryptocurrency trading opportunities for European users.

Diverse Exchange Rates for Users and Sellers

BitMart's P2P trading platform allows users to interact with multiple sellers offering different exchange rates and payment methods. The model is similar to an online marketplace, where users can find favourable deals based on their preferences, while sellers can reach out to a wider range of potential buyers.

Nickolas Hoog, Vice President of Marketing at BitMart, said, "The Euro is one of the most widely used fiat currencies in the world, and its inclusion in our P2P marketplace simplifies fiat-to-cryptocurrency transactions for European users. With the addition of the euro, we are providing European users with a seamless and efficient way to participate in the cryptocurrency market, reaffirming our commitment to diversifying options for our expanding global user base."

Compensation plan after the hack

Earlier, BitMart suffered a major hack that resulted in the theft of $196 million worth of digital assets. Sheldon Xia, the platform's founder and CEO, announced that BitMart would use its own funds to compensate all affected users.

BitMart initially denied claims by crypto-security firm Peckshield about the breach, but later confirmed the hack and attributed it to the theft of private keys from two hot wallets. The attackers used decentralised exchange aggregator 1inch to exchange the stolen tokens for Ether, which they then sent to privacy blender Tornado Cash to mask their traceability.

Xia has assured users that it will work to strengthen security measures and operations, and has committed to restarting deposits and withdrawals by 7 December 2021. This incident highlights the ongoing threat posed by cybercriminals to cryptocurrency exchanges, as evidenced by recent attacks on other platforms such as Cream Finance, which lost $130 million in last month's flash loan attack.