Gibraltar Blockchain Exchange (GBX-DAX) to Add PAX, DAI, USDC, GUSD and TUSD Stablecoins
The Gibraltar Blockchain Exchange (GBX) has confirmed the addition of five new stablecoins to its asset portfolio. The digital assets, namely Paxos, USD Coin, Trust Token, Maker, and Gemini Dollar will become actively tradable on the trading platform as from March 13, 2019.
— GB Exchange (@GibBlockEx) March 12, 2019
Nick Cowan, the founder of the Gibraltar Stock Exchange, said that the addition of the stablecoins outlines the intentions of GBX to promote the adoption of blockchain-driven trading. He added that many people find stablecoins appealing because of their immunity to price fluctuations that typify standard cryptocurrencies. Therefore, their addition will only encourage more people to join the crypto trading sphere.
As of now, GBX is already accepting stablecoin deposits from its clients. Also, the exchange will offer a 30-day free trading period for transactions involving stablecoins. This means that from March 13 through to April 11, users will pay nothing for transacting in stablecoins. All of the five stablecoins will be tradable against the US dollar, Ethereum, and Bitcoin.
The acquisition of a DLT license from Gibraltar’s financial regulatory oversight authority meant that GBX became the first regulated crypto exchange to be owned by a traditional securities exchange. For clients, this assures them of a secure and compliant trading environment run by an experienced team.
Cowan also added that GBX has made giant leaps towards the realization of their goal, which is to promote the mass adoption of tokenization. He concluded by saying that the addition of the stablecoins is an indicator of the industry’s confidence in the Gibraltar Blockchain Exchange.
Below are brief overviews of the latest additions to the GBX trading platform.
The PAX stablecoin is pegged to the US dollar in a 1:1 ratio. This stablecoin combines the efficiency of virtual currency with the stability of fiat currencies.
Maker is backed by crypto assets and has its value pegged to the dollar. It was among the first stablecoins to be based on the Ethereum blockchain.
USD Coin (USDC)
Gemini Dollar (GUSD)
GUSD was the first-ever stablecoin to be regulated by US authorities. It is backed by and pegged to the dollar in a 1:1 ratio. It is eligible for use in the Ethereum network.