Cobinhood announced on Thursday it has added four new stablecoins to its crypto exchange platform. The coins, which are now available, are the Gemini Dollar (GUSD), MakerDao (DAI), Paxos Standard Token (PAX) and TrueUSD (TUSD). According to Cobinhood, each of the stablecoins have a unique set of features that achieve the same end result, which is an increased market stability. The exchange reported:
“Standard cryptocurrencies can be highly volatile, often depreciating or appreciating in value 20-30 percent in a matter of hours. Stablecoins exist to remove this 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.”
Speaking about the addition of the stablecoins, Co-Founder of Cobinhood, Wei-Ning Huang, stated:
“The biggest flaw in the market right now is uncontrolled fluctuations in the value of many customary cryptocurrencies. We are increasing the presence of stablecoins on the COBINHOOD exchange so the community understands that their voices have been heard and stability is being made possible. Our mission is to make the space more approachable for anyone who wants to participate.”
Founded in 2017, Cobinhood describes itself as the world’s first ZERO Trading Fees cryptocurrency exchange with the vision to maximize traders’ profits. Traders on the platform have zero trading fees for spot trading and margin trading up to 10 times leverage.
“Cobinhood’s proprietary order matching engine can process millions of orders with sub-millisecond latency. The whole system is designed to be fully distributed, highly available, and auto-scalable, achieving the ultimate trading experience for traders around the globe.”