THELOGICALINDIAN - But will anyone use it
Watch out, Tether—you’ve got competition, including in some absurd places. CoinEx bygone announced trading for Honestcoin (USDH), a new fiat-backed cryptocurrency.
While addition dollar-valued badge is annihilation to address home about, Honestcoin has one different characteristic: it’s the aboriginal stablecoin on the Bitcoin Cash blockchain.
“HonestCoin (USDH) is the aboriginal adapted Stablecoin activity issued on Bitcoin Cash,” CoinEx said in a blog post.
The dollar-valued tokens will be collateralized with authorization “by HonestNode and Prime Trust (A USA Trust company), 1-to-1 for US dollars.” Crypto Briefing was clumsy to verify this claim.
According to the blog column CoinEx users can excellent their own tokens with dollar deposits, through Honestcoin’s website, or buy USDH with USDT.
Unlike added stablecoins, which run on Ethereum, TRON or Bitcoin’s OMNI layer, USDH runs on SLP, a new BCH accepted which provides agnate functionality to ERC-20 tokens. The Simple Ledger Protocol allows users to affair assets on the Bitcoin Cash blockchain, such as “gaming assets, licenses, agenda media rights, allowance cards, and aggregation stock.”
At present, there are over 1500 different SLP tokens, but few signs of cogent adoption. Most tokens accept alone a few hundred addresses.
While best exchanges admit BTC as the accepted Bitcoin, CoinEx is awfully BCH-friendly. The Hong Kong-based marketplace, which is ranked 61st in adjusted trading volume, currently lists over two dozen Bitcoin Cash trading pairs.
The new bread met alloyed activity from the Bitcoin Cash community. “A stablecoin is alone as accurate as its audit,” wrote one user on /r/btc. Another asked, “Do we aback adulation Tether-like instruments aloof because they’re on BCH?”
All the same, a new stablecoin is an abrupt baby-step from a blockchain which abounding assemblage arresting asleep aftermost year. Bitcoin Cash is currently admired at about $420- a 6% accretion over the accomplished 24 hours, and 350% over the accomplished bristles months.
But don’t apprehend Honestcoin to bolt up with Tether anytime soon. According to the BCH block explorer, Honestcoin has alone minted 11,000 USDH. Ten thousand tokens are concentrated in a distinct address, with the butt broadcast beyond 21 added addresses.
The wallet provider is attractive to aggrandize into the Asian market.
If you’re attractive to buy bitcoin, you don’t accept a lot of choices. Fiat gateways are few and far between, and accustomed businesses like Coinbase allegation aerial fees to buy crypto.
But that aqueduct is now accepting a bit wider. Mobile wallet provider BRD – aforetime ‘Bread’ – appear today that it will be introducing a new barter service, in affiliation with payments arrangement Wyre, to acquiesce users to acquirement cryptocurrencies with a coffer transfer.
Starting today, U.S. barter at over 1,700 banks will be able to buy Bitcoin (BTC), Ether (ETH) and the Dai stablecoin. Users can additionally now articulation their coffer annual to BRD, accouterment them a accelerated band-aid to bandy amount in and out of agenda assets.
BRD’s European users can already acquirement crypto through coffer transfers, through a affiliation with Coinify accustomed aftermost January.
BRD anticipates that the low-fee account will advice users in the U.S. – its better bazaar – save on costs, as allotment of a added offering. “We’ve consistently heard from U.S. barter about the frustrations apropos the abridgement of addition and description from accepted bazaar leaders, namely Coinbase,” said Aaron Lasher, Chief Strategy Officer and co-founder of BRD.
BRD began accretion into barter casework in 2018, advance $32M to become a authorization onramp. It appear its Augustus trading belvedere in May aftermost year, acceptance users to barter Bitcoin, Bitcoin Cash (BCH) and Ether, as able-bodied as 100 or so ERC20 tokens, aural the app itself.
Following Coinbase’s success, BRD hopes that a simple UI and UX will animate new users to buy and advance in cryptocurrency.
BRD isn’t the alone barter gluttonous easier authorization access. Sources at one adapted blockchain coffer told Crypto Briefing that their academy has been approached by some of the better cryptocurrency exchanges in the world. Although they wouldn’t accommodate names, the antecedent said that best of these exchanges were gluttonous to authorize authorization gateways.
Based in Switzerland, BRD operates in 171 countries. The four-year-old aggregation now has over 2M barter and added than $6bn beneath protection.
So far the aggregation has aloft $55M, afterwards commutual its Series B annular in backward 2018. Most of the allotment for that annular came from SBI Crypto Investment, a accessory of the Japanese coffer that has additionally invested and collaborated with Ripple and R3.
At the time, CEO Adam Traidman said best of the new allotment would go appear accretion BRD’s attendance in the Asian region. BRD says that it has angled its chump abject and transaction aggregate in the aboriginal four months of this year.
