How to buy, sell and trade Centrality tokens (CENNZ)

A blockchain venture studio based in Auckland, New Zealand, Centrality is a blockchain ecosystem designed to support startups at each stage of their life cycle using dapps (decentralised applications).

CENNZ is Centrality’s native utility token and is used to connect Centrality marketplace applications and perform a wide range of other tasks. Following a hugely successful ICO in early 2018 that raised US$260 million, the project has attracted plenty of interest from New Zealand, Australia and further afield.

So if you’re thinking of buying any CENNZ tokens, read on to find out how.

Where to buy CENNZ in Australia

CENNZ tokens are currently only available from the HitBTC digital currency exchange.

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A step-by-step guide to buying CENNZ

If you want to buy CENNZ tokens, you can do so in three simple steps:

Step 1. Register with an exchange that lists CENNZ

At the time of writing (August 2019), HitBTC is one of the only exchanges where you can buy CENNZ. To sign up for an account, you’ll need to provide your email address and create a username and password. Make sure you also enable two-factor authentication on your account to provide increased security for your coins and tokens.

Step 2. Deposit funds into your account

HitBTC accepts cryptocurrency deposits, so you can transfer bitcoin (BTC) into your account to buy CENNZ.

If you’re keen to learn how to buy bitcoin in Australia, check out our comprehensive guide. You can also check out our guide on which cryptocurrency exchanges support payments in AUD.

Step 3. Buy CENNZ

Once your deposit has arrived, search for the CENNZ/BTC currency pair and look for existing orders if you want to buy from the current list of sell orders. Alternatively, place a buy order to see if you can purchase CENNZ.

Make sure you review the full details of your transaction before finalising your purchase.

How to sell CENNZ

If you’re selling your CENNZ tokens, the process is essentially the same as that outlined in step 3 above, except you're selling CENNZ for another currency, rather than buying. Note that you may not be able to directly exchange CENNZ tokens for the currency you want.

Which wallets can I use to hold CENNZ?

If you’re looking for a long-term storage solution, keeping your tokens in an exchange wallet exposes you to a number of security risks and is generally not recommended. Instead, you can provide greater security for your funds (and peace of mind for yourself) by moving your tokens into a secure wallet that lets you control your private keys.

As CENNZ is an ERC20 token on the Ethereum network, you’ll need to store your CENNZ in a wallet that supports these types of tokens. For example, you could opt for an online interface like MyEtherWallet or a hardware wallet like the Ledger Nano S.

Keen to find out more about securely storing your cryptocurrency holdings? Check out our wallets guide.

How the Centrality platform and CENNZ tokens work

According to its website, Centrality is “a venture studio that partners with leading innovators in key industries to create a marketplace of applications. These applications allow consumers to manage everyday tasks and experiences using peer-to-peer transactions – all via one login and using blockchain-enabled infrastructure.”

In other words, it aims to help tech startups and other business put their products and ideas on the blockchain ecosystem. Centrality then becomes the central hub for all those dapps, which consumers can access using just the one login.

Centrality says it also offers tools, services and applications that developers can use to create dapps. This design aims to give startups flexibility over their product, but at the same time ensure that there’s a standardised look and feel across all Centrality platform dapps.

Centrality’s white paper sums up how the project works:

• The platform. The Centrality platform creates the technical foundation for dapps. In return for offering the ecosystem a dapp needs to run, Centrality receives an allocation of tokens issued by any dapp it powers.
• Dapps. Dapps can be plugged into the Centrality platform and require CENNZ tokens for their creation.
• Smart contracts. Separate dapps can interact with each other to acquire users, data, merchants and content, with smart contracts ensuring trustless engagement.

Centrality’s token launch took place in early 2018 and reportedly raised US$265 million, well in excess of its US$100 million hard cap.

What to consider if buying CENNZ

Cryptocurrencies are complex and speculative assets, and there are many factors that can influence the price of any given coin or token. With this in mind, you should always thoroughly research any project before deciding whether to make a purchase.

If you’re thinking of buying any CENNZ, make sure you consider the following factors:

By considering these and other factors, you’ll be able to make an informed decision about whether to buy CENNZ.

Learn more about altcoins

The ultimate guide to crypto wallets

Image source: Shutterstock

Disclosure: At the time of writing, the author holds IOTA and XLM.