The chief executive officer of Lagos-based Fin-tech firm Chiji14xchange, Odum Chijioke John, has revealed that the company has added a new cryptocurrency to its digital trading platform known as Rocket.
The new coin “Tether”, more popularly known as USDT, was introduced by the firm in a bid to diversify and provide more crypto trading options for its users, Odum said in a recent press parley.
He said the stated purpose of USDT is to combine the unrestricted nature of cryptocurrencies – which can be sent between users without a trusted third-party intermediary – with the stable value of the US dollar.
“USDT is a stablecoin (stable-value cryptocurrency) that mirrors the price of the US dollar, issued by a Hong Kong-based company Tether. The token’s peg to the USD is achieved via maintaining a sum of dollars in reserves that is equal to the number of USDT in circulation,” the CEO explained.
“Originally launched in July 2014 as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin’s blockchain through the use of the Omni platform, it was later renamed to USTether, and then, finally, to USDT. In addition to Bitcoin’s, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains,” he said.
The Chiji14xchange boss explained further that USDT is highly stable and this property makes it a safe haven for crypto investors: during periods of high volatility, they can park their portfolios in Tether without having to completely cash out into NAIRA.
“In addition, USDT provides a simple way to transact a US dollar equivalent between regions, countries and even continents via blockchain – without having to rely on a slow and expensive intermediary, like a bank or a financial services provider,” he said.
Speaking further, he said like Bitcoin, USDT is now available on Chiji14xchange’s Rocket app where new and existing users can easily and securely trade. Users can buy, sell, send and receive and store USDT on their respective wallets.
“Also features on the Rocket app, like the ‘Add Bank Account’ feature, allow users to transfer USDT to their set-up bank accounts and convert it to cash,” he said.
Adding USDT to its coin roster gives Chiji14xchange an edge in the exchange market and so far, existing users on the Rocket app by Chiji14xchange have expressed interest and excitement over the new coin as more traders get introduced to the platform.
