Tied Digital Currency: The World’s First Japanese Stablecoin – BitcoinExchangeGuide.com
What Is Tied Digital Currency?
Tied is a new stablecoin launched by TiedCo, which is fully collateralized by Euro (EUR) and Yen (JPY). After its launch, Tied Coin becomes the world’s first cryptocurrency backed by the Yen currency to enter the stablecoin market.
The main objective of the Tied Coins is similar to that of any other stablecoin, which is to protect users from the disadvantages of traditional cryptocurrencies like slow conversion rates or depreciation in value during the conversion to fiat currencies.
Tied Digital Currency can be traded on the cryptocurrency trading platform BeaXchange, which is attributed to TiedCo’s partnership with BeaXchange. This partnership provides the Tied Coins with a greater liquidity while enabling holders of the coins to convert their coins into fiat or any other cryptocurrency in an easy and transparent way.
How Tied Digital Currency Works
There are two categories of the Tied cryptocurrency: Tied2EUR and Tied2JPY. Every Tied2EUR stablecoin is backed by reserves in Euro while Every Tied2JPY cryptocurrency is backed by a Japanese Yen, which is held in a bank account through a Tier-one Australian bank.
TiedCo has an escrow agreement with the Australian incorporated company known as Devisd Pty Ltd. Devisd aims to ensure that the Japanese funds remain locked and aren’t used for any other purposes apart from cancellation or redemption of the coins.
This, therefore, means that for each Tied stablecoin purchased, a Euro or Yen is saved up in a tier-one bank. For instance, if a user purchases a Tied2JPY, the Yens paid are deposited in the vault; and when the users sell the stablecoin, the Yens are withdrawn from that vault and issued back to the user.
The Tied coins are stored in the tied wallet. Using this wallet, holders of the Tied coins can transfer Tied stablecoins to others, trade Tied Stablecoins for other cryptocurrencies on the BeaXchange platform such as Bitcoin, Ethereum, Litecoin, and Stellar, or even hold Tied Stablecoins for safekeeping.
Reasons For Using Tied Digital Currency
Owners of the Tied Stablecoins are guaranteed a stable value of their coins by TiedCo, which pledges to buyback all the issued stablecoins. Although users of Tied can sell or buy the coins with third parties, they will always have the option of buying or selling directly with TiedCo. This will eliminate a scenario where holders of Tied want to sell the coins and there are no buyers or vice versa.
Partnership With BeaXchange
Due to the partnership with BeaXchange, all the conversion of Tied coins to any other cryptocurrency is instant. Furthermore, the Tied transfers on BeaXchange platform do not attract any commissions or fees. This ensures that investors in the cryptocurrency market do not incur losses due to the fees charged when buying or selling assets.
Cross-Platform Wallet Functionality
Users can access the Tied wallet that is integrated with cross-platform wallet functionality that provides users with the opportunity to trade their Tied Coins for Bitcoin, Ethereum, Litecoin, or Stellar on the decentralized BeaXchange platform.
To ensure transparency of the Tied Coins, TiedCo publicly publishes a statement of account daily and a link that redirects users to a blockchain address that issues all the Tied Coins thus providing a high level of transparency and security for the coin holders.