COBINHOOD Crypto Exchange Adds Stablecoins GUSD, TUSD, DAI and PAX to Reduce Volatility
COBINHOOD is a next-gen zero-fee exchange. It recently revealed that it had added four stablecoins. The stablecoins are the MakerDao (DAI), the Gemini Dollar (GUSD), the TrueUSD (TUSD), and the Paxos Standard Token (PAX). Each stable coin has unique features. However, they all lead to better market stability.
⚡️ 4 new #stablecoins coming to COBINHOOD ⚡️
WATCH 👉👉👉 https://t.co/X0OZdi3hHI
— COBINHOOD (@COBINHOOD) November 8, 2018
Standard crypto can often experience huge prices changes. In some cases, a coin can triple its value or lose nearly half of it in just a week. Stablecoins help to stabilize the market. The coins are usually pegged to a fiat currency such as EUR or USD. In some cases, they are even pegged to oil or gold. The PAX, DAI, TUSD, and GUSD will be offered to all users of COBINHOOD for purposes of trading, depositing, and withdrawals.
Unique Features Of The Stablecoins
• Gemini Dollar (GUSD)
The GUSD holds the title of being the first stablecoin to be regulated. It was created on the Ethereum network and uses the ERC20 standard. The Gemini trust company in NY issued this stablecoin. This stablecoin is pegged to the USD. The NY State Department of Financial Services and the blockchain back it. Trading pairs for this token are GUSD/BT and GUSD/USDT.
• MakerDao (DAI)
It is an ERC20 stablecoin also pegged to the USD. No central group backs it. The company that created the coin utilizes a platform for smart contracts, various internal and external factors, CPDs, and an automated feedback mechanism to ensure the value of the coin is stable.
• The Paxos Standard Token (PAX)
The PAX is based on the ERC20 standard and is powered by the Ethereum network. It is pegged to the USD. The Paxos Trust Company issues this stablecoin. The NY Start Department of Financial Services regulates it. On COBINHOOD, there are trading pairs such as PAX/BTC and PAX/USDT.
• TrueUSD (TUSD)
This ERC20 stablecoin is backed by USD. It is legally compliant and verified by third parties. Each coin is backed fully by USD. The money is held in banks and major trust firms. Trading pairs on this exchange are TUSD/BTC and TUSD/USDT.
What The Top Brass Had To Say
According to the COBINHOOD cofounder, the main issue is constant fluctuations of the token prices. To handle the problems of instability, the exchange added these stablecoins to show the community they were listening to them. The aim, according to him, is to ensure crypto trading is comfortable for anyone.
COBINHOOD was a revolutionary exchange that was launched in 2017. The exchange is home to the first zero-fee crypto trading. Besides that, speeds are quite high at this exchange. Two tech leaders Wei-Ning Huang, a former Google engineer, and Popo Chen, founder of 17 Media, created the company.
The aim is to create a financial hub for the blockchain world. The COBINHOOD exchange has a belief that the blockchain will have a lasting impact on capital markets and business organizations. Thus, this exchange wants to ensure that when the change happens, they will be at the fore.