Unocoin announced the availability of TrueUSD on its Unodax platform.
Post the current ban on INR to Crypto transactions in India, Unocoin in a note said that it intends to provide its users on Unodax platform with a secure and legal way of investing in digital assets.
TrueUSD, the company explained is the first stable coin built on TrustToken platform and 1 TUSD can be redeemed for 1 USD. The TUSD coin is listed for trading on trading exchanges globally like Unodax and is paired with a few major crypto-assets like BTC, ETH, BNB, KRW, and USDT.
Sathvik Vishwanath, Co-founder and CEO, Unocoin said, "Post the RBI banning bank transfers for crypto trading and investment, we were looking for the plausible solutions to help our users continue to HODL, without any disruptions and hassles. With TrueUSD, we are excited to present our users with a long-awaited stable trading plan for crypto-assets traders in our Unodax exchange. Crypto enthusiasts may use this stable coin as a medium of exchange for other crypto-assets and minimize their risks in a volatile market.”
The company in a note said that TrueUSD provides crypto-assets traders with a stable coin to hedge as an alternative, and minimize their exposure to BTC/ETH and INR, while entering the crypto market. TrueUSD runs on scrutinized and monitored escrow accounts, bridging the gap between real-world assets and blockchain technology.
TUSD enables mainstream adoption of digital currencies, with all transactions being legit and secure, giving confidence to the ambitious crypto traders and investors to use TUSD as an INR alternative.
Considering its stability, TUSD qualifies as a secure base currency to trade cryptocurrencies. In times of price volatility, TUSD will help users hold their assets value. This, in return, will boost the intermittent cryptocurrency trading experience in India. Beyond serving as a liquidity token on exchanges initially, TUSD may also be used for e-commerce, by being available for international transfers without exchange rate risk.
TrueUSD is currently available on Unodax exchange website and on the app as well.