HitBTC, a leading coin exchange in today’s cryptocurrency markets recently added the Gemini dollar (GUSD) to its platform. As of September 20th, the stable GUSD altcoin was available for trading on the HitBTC crypto exchange. It can now be exchanged against quoted crypto coins that include EOS, Tether, Bitcoin & Ethereum.
This milestone gives HitBTC a first mover advantage of being the pioneer coin exchange to integrate a prospectus cryptocurrency project. The Gemini dollar was launched on September 10th by its parent company, Gemini Trust.
It has since gotten approvals from the New York Department of Financial Services whom regulate trust firms based in New Yorks amongst other financial intermediaries. The NYDFS will oversee that the GUSD project to ensure compliance with the law at all times.
The fiat currency backing the GUSD crypto coins is stored by a US based State bank in dollars. To ensure best practices by the custodian, monthly audits will be done by BPM, an accounting oriented firm with proper registration. Furthermore, the tech design ‘smart contracts’ used to power the GUSD operations underwent audit & verification through a security entity known as Trail of Bits.
The CEO Gemini Trust Company, Tyler Winklevoss is positive on this milestone,
“We’re excited to see rapid adoption by major exchanges of the Gemini dollar. It’s been really encouraging to see the global digital asset community understand the profound potential impact of a truly regulated, USD-backed stablecoin,”
HitBTC strongly supports the concept and philosophy of stablecoins. And today we’re happy to open markets for the Gemini Dollar ($GUSD), https://t.co/FsQcee1h2x, on HitBTC. Trading is available from 20:30 UTC against $BTC, $ETH, $USDT, and $EOS. pic.twitter.com/j5ZN9fAVGt
— HitBTC (@hitbtc) September 20, 2018
HitBTC is specifically paying attention to prospectus cryptocurrency projects given its dominant position amongst peer coin exchanges. Gemini dollar happens to be a convincing crypto project for Hit BTC given the ‘stability’ aspect within its infrastructure.
The HitBTC coin platform is bullish on stable altcoins citing they might have fundamental solutions in the near future.
HitBTC Crypto Exchange
This coin exchange is about 5 years old having being a leader in this arena since 2013. It was developed through pulled efforts by experts from various sectors especially within IT & finance. Other contributors include market makers such as cryptocurrency traders. This has enabled the project deliver on its speed of transactions and reliability.
However, to maintain the top position amongst peer competitors, HitBTC does a lot to move with the fast changing blockchain trends. The team is consistently working to improve security aspects and scale adoption prospects while complying with laws.
Gemini Trust Company
The firm is a New York based digital currency exchange keeping custody of the GUSD assets while allowing the purchase & storage of altcoins like Zcash for its users. Its operations are within the regulatory requirements of New York City hence compliance with banking law, cybersecurity guidelines as stipulated by the NYFDS.
Founded back in 2014 by Tyler Winklevoss & Cameron, the Gemini project aims to create a link to digital assets. The firm has partnered with popular Cboe Futures Exchange where they accomplished launching the pioneer BTC futures contract in December 2017. It also boasts of being the first licensed custodian for Zcash & Ether.