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Cryptocurrencies

COBINHOOD adds GUSD, DAI, PAX and TUSD to its platform

Monday 12 November 2018 | 12:15 PM CET

COBINHOOD has added four stablescoins cryptocurrency on its service platform: the Gemini Dollar, MakerDao, Paxos Standard Token and TrueUSD.

These stablecoins have a unique set of features, however each of them achieve the same end result, meaning the goal is to increase market stability. Stablecoins exist to remove the market unpredictability as these types of tokens are pegged to fiat currency like USD, EUR, CNY or JPY and sometimes even gold or oil. The GUSD, DAI, PAX and TUSD stablecoins will be available on the COBINHOOD exchange for deposit or withdrawal and trading for all users.

Among the characteristics of each token, one can include:

Gemini Dollar (GUSD): the world's first regulated stablecoin. It is strictly pegged 1:1 to the US dollar and backed by the combined strength of blockchain technology and New York State Department of Financial Services (NYDFS) regulation. Trading pairs available on the COBINHOOD exchange include GUSD/USDT and GUSD/BTC.

MakerDao (DAI): an ERC20 stablecoin pegged to the US dollar that is not backed by any centralised authority. There is a smart contract platform, CDPs, that uses incentivised external actors and autonomous feedback mechanisms to stabilise its value. Trading pairs available on the COBINHOOD exchange include DAI/USDT and DAI/ETH.

The Paxos Standard Token (PAX): an ERC20 token built on the Ethereum blockchain, fully collateralised on a 1:1 basis with US dollar. It is approved and regulated by the New York State Department of Financial Services (NYDFS). Trading pairs available on the COBINHOOD exchange include PAX/USDT and PAX/BTC.

TrueUSD (TUSD): an ERC20 stablecoin backed by the US dollar, fully legally secured and verified by third-party attestations. It is 100% collateralised by USD and held in professional trust firms and banks. Trading pairs available on the COBINHOOD exchange include TUSD/USDT and TUSD/BTC.

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