Renowned cryptocurrency exchange platform, HitBTC, has opened markets to Gemini dollar (GUSD) in support of stablecoins. Furthermore, United States Dollar (USD), Bitcoin (BTC), Ethereum (ETH), Tether and EOS can be the part of the pair for trading the cryptocurrency.
Launched by Cameron and Tyler Winklevoss on the Ethereum blockchain, Gemini dollar (GUSD) is a stablecoin cryptocurrency. On September 20, 2018, HitBTC opened its market from trading GUSD.
HitBTC’s support for stablecoins
HitBTC has openly extended its support for stablecoins. As a result of which the Gemini dollar, which was launched just 10 days ago, got a listing immediately.
In a tweet, HitBTC stated “HitBTC strongly supports the concept and philosophy of stablecoins. And today we’re happy to open markets for the Gemini Dollar ($GUSD), on HitBTC.“.
A stablecoin is a pegged, specifically, an asset-pegged cryptocurrency. Furthermore, another medium of exchange, generally Gold or USD, is attached with stablecoin. The exchange rate for the virtual currency comes to around 1:1. After that, its value fluctuates only when the value of the medium attached to it fluctuates.
Bitcoin (BTC) experienced a dip in its value in December 2017, possibly, because a single trader might have released a humongous amount of it. Furthermore, it impacted the who supply and demand balance of the currency.
Stablecoin aims to guard a trader against the negative effects of these kinds of spontaneous changes in the value of the cryptocurrency. By enlisting GUSD, HitBTC has become the first top-tier cryptocurrency exchange to do so.
About Gemini dollar (GUSD)
The renowned Winklevoss brothers launched the Gemini dollar on September 10. Gemini Trust Company LLC. their New York trust firm, helped with this. The New York Department of Financial Services (NYDFS) approved the Gemini dollar. NYDFS also became the regulatory authority of the project.
Tyler Winklevoss, CEO of Gemini Trust Company, stated that “It’s been really encouraging to see the global digital asset community understand the profound potential impact of a truly regulated, USD-backed stablecoin.”.
Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.