Fiat-backed Stablecoin EURST now available in BitGo Custody
EURST, a fiat-backed stablecoin based on the Ethereum network’s ERC20 token standard, announces today that it is now available for custody in BitGo – BitGo is the leader in custody and security solutions with over $64B in AUC serving over 400 institutional clients and crypto platforms across 50 countries.
Starting on 5th November 2021, EURST is now supported by BitGo. Crypto users can now hold their EURST tokens in safe and reliable custody, as well as to use EURST for daily transactions, and service providers – to integrate the token seamlessly to their already existing ecosystem.
Developed and created by Wallex Trust, EURST enables users to make faster, cheaper, borderless and more secured transactions. Users can easily issue and redeem EURST same-day in a safe and secure way. Each token (1EURST) represents a monetary value of 1 EUR and the assets backing the tokens are held in a secure FDIC insurance eligible account for the benefit of the holders.
As a stablecoin backed 100% with fiat assets, EURST tackles crypto volatility and reduces the risk of stablecoins gaining monopoly. Being a Euro-based digital asset, the stablecoin can be used as a version of fiat and currency within the crypto ecosystem, facilitate global payments & remittance for merchants and handle OTC Trading, custodial, and Escrow services for investors.
Built to digitize the Euro and reinvent the unpredictable European economy, EURST has a vast array of functions across the platform, all of which fully utilize the power of cryptocurrencies and blockchain technologies to offer a market-leading stable asset.
”As one of the fastest-growing and most reliable platforms, we believe that by enabling users and businesses to hold their EURST in BitGo, we will spearhead EURST into the global crypto space. EURST aims to provide the highest level of transparency and reliability to its users, and naturally, we found synergies with BitGo, who are leaders in providing safe and secure custody of crypto assets,” said Simone Mazzuca (CEO and Founder of EURST and Wallex Bank).
For more information, visit https://eurst.io/
EURstablecoin is a fiat-backed stablecoin created by Wallex Trust and based on the Ethereum network’s ERC20 token standard. EURST tokens are and will always be fully backed by an equivalent unit of real currency (US dollars) in a real-time attested and transparent reserve, by Wallex Trust- the primary issuer of EURST tokens.
Token issuance/redemption transactions are recorded on-chain, and all off-chain transactions, as well as reserve balances, will be disclosed to the public at regular intervals, in addition to regular third-party audits. The presence of a physical, real-time audited, and redeemable USD reserve effectively pegs the market value of EURST tokens to the real-time USD value of 1EUR. For more information, visit https://eurst.io/
BitGo is the leader in digital asset financial services, providing institutional investors with custody liquidity, and security solutions. Active in both centralized and decentralized finance, BitGo offers market-leading trading, lending, and borrowing services through its prime brokerage services and acts as the custodian for WBTC, with more than $9 billion in custody and circulation.
In 2020, BitGo launched BitGo Portfolio and Tax, providing clients with a full-stack solution for digital assets. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets.
BitGo processes approximately 20% of all global Bitcoin transactions and supports over 400 coins and tokens. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and institutional investors and spans more than 50 countries, including qualified custodial entities in Switzerland and Germany. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners.
For more information, visit www.bitgo.com.
Disclaimer: This is a paid post and should not be treated as news/advice.