We are pleased to announce the arrival of both the Paxos Standard stablecoin PAX and Maker, builders of DAI on BTSE for both spot and as an asset for BTSE’s futures markets, in addition to OTC trading availability.
Both PAX and DAi will be available for trading Friday October 30th, 2020.
Paxos Standard will be available for the spot market so that users can directly trade and interact with PAX with their favorite assets on BTSE exchange. This brings the featured list of spot trading pairs to 18 altogether.
The listing of PAX comes on the clutches of other news and listings.
BTSE made a massive announcement with the arrival of MetaMask and their direct integration into the exchange, connecting over one million users to BTSE. Paxos Standard being listed is also preceded by Brazilian Digital Token, another stablecoin that brings a pegged 1:1 value by the Brazilian Real currency.
The Paxos Standard is designed to be a stablecoin specifically created to take advantage of the Ethereum blockchain for easier trading experiences but also beyond that, such as P2P payments, paying for goods and services, and to have the stability of the USD with the added benefit of the blockchain and without the risks of keeping it in a paper currency. The stablecoin also has monthly audits to ensure the blockchain is running monthly. PAX now attracts big companies like PayPal with their API-based Paxos brokerage service announced a few months ago as a testament to its growth.
DAI has a robust history in its short time of existence. Created by MakerDAO, the company designed DAI to be not just a stablecoin but also one that is collaterally backed on the Ethereum blockchain. DAI could originally be generated by leveraging ETH on a collateral based smart contract known as a Collateralized Debt Position, or CDP. Things have only grown since then as DAI is now an entire stablecoin system called the Maker Protocol. This allows any digital asset on the Ethereum blockchain to be accepted as collateral that has been approved by Maker. DAI was created to be a store of value, a medium of exchange, a unit of account, and a standard for payments. DAI is also a foundational standard for decentralized finance, or DeFI. For example, the stablecoin is a popular collateral asset on Aave, an open source protocol for taking advantage of money markets on the blockchain. DAI is becoming the preferred stablecoin for buying and selling non-fungible tokens, or NFTs on the Ethereum network as well.
BTSE welcomes DAI to the list of digital assets that make for a winning exchange.
Stablecoins are a critical pillar in the cryptocurrency space. Since the creation of the first popular stablecoin “Tether”, crypto has been given more stability despite having volatile movements since its inception. This allows users to comfortably hold a position in a pegged currency which is backed on the blockchain.
These listings help improve the digital integrity of stablecoins available to BTSE users. It’s important that crypto recognizes stablecoins, which are non-volatile, that are in the midst of other digital assets that can be highly volatile. This helps bring some of the unseen benefits of cryptocurrency like peace of mind – knowing that we can peg out assets to certain traditional currencies without depending on those legacy systems that those currencies are placed in.
This is just another step in making BTSE the best exchange possible for users and committing to a platform of quality and integrity.
Deposits and withdrawal will go live October 30th, 2020 at 3pm UTC and trading will begin shortly after.
Our aim is to create a platform that offers you the most enjoyable trading experience. If you have any questions of suggestions, please don’t hesitate to reach out to us at firstname.lastname@example.org or DM us on Twitter @BTSEcom