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USD Coin [USDC] can now be traded against XRP, Litecoin [LTC], Monero [XMR] on Poloniex

Laira Rebecca

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USD Coin [USDC] can now be traded against XRP, Litecoin [LTC], Monero [XMR] on Poloniex
Source: Pixabay

The United States based digital asset platform, Poloniex recently made a Twitter announcement introducing several new trading pairs for USD Coin [USDC] on their platform.

Tweet by the official Poloniex Account:

“Poloniex today is introducing the following markets for #USDC: XRP/USDC, XMR/USDC, STR/USDC, DOGE/USDC, LTC/USDC, and ZEC/USDC.”

The stable coin USDC can now be traded against XRP, Monero [XMR], Staker [STR], Dogecoin [DOGE], Litecoin [LTC] and Zcash [ZEC]. Along with this announcement, the firm mentioned that trading of above-mentioned pairs will have no trading charges until 30th November.

On 27th September 2018, Poloniex introduced USDC trading for the first time. The token was made available to trade against Bitcoin [BTC], Ethereum [ETH] and Tether [USDT].

Two days ago, Binance also announced that the trading of USDC against Bitcoin [BTC] and Binance Coin [BNB] will begin from 17th November at 3:00 AM UTC.

Matther D Egelkraut, a crypto enthusiast says:

“FINALLY a “stable” currency to send back and forth between Coinbase Pro and Binance. Thank you!!! I’ll never forget the days of sending Litecoin from Binance to Coinbase, and having to wait 4 days! I didn’t sleep… Haha. But it all worked out.”

USD Coin is the first stablecoin developed by the open source project and membership consortium, CENTRE, along with the blockchain firm Circle. USDC is built based on ERC-20 standards which provide financial transparency and operates within the regulated framework of US money transmission laws.

USDC also received support from the famous exchange platforms Coinbase and Coinbase Pro in the month of October. During this announcement, Coinbase mentioned:

“This initiative is an important step towards a more open financial system and USDC is easier to send, program with, use in dApps, and to store locally than traditional bank account-based dollars.”





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

Altcoins

Ampleforth could help create next-gen synthetic commodities for portfolio diversification, claims Blockfyre report

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Ampleforth could help create next gen synthetic commodities for diversification of portfolios claims new Blockfyre report
Source: Unsplash

Ampleforth was the first token to successfully complete an IEO on Bitfinex. This IEO caught the attention of a lot of users in the cryptospace, as the $5 million hard cap was sold out within the first 11 seconds. A new report by Blockfyre details how Ampleforth could pave the way for a new asset class for portfolio diversification in the future.

The report also highlighted a feature of Ampleforth that allows a flexible supply that adjusts to the market demand, while price simultaneously finds equilibrium. The token also aims to tackle the strong correlation that most cryptocurrencies share with Bitcoin.

Synthetic Commodity

Ampleforth project has the ability to create synthetic commodities that are disconnected when it comes to price fluctuations due to correlations, which is a common problem faced by both cryptocurrencies and traditional asset classes. Although Bitcoin was created to tackle problems that fiat currency inherently has, it still has some correlation issues.

In a world where traditional assets are widely affected by macroeconomic and global political scenarios, Ampleforth aims to create a new asset class, Synthetic Commodity, to tackle this problem.

The report stated,

“BTC as a synthetic commodity doesn’t show correlation to traditional markets such as stock stocks and bonds. Thus it reflects a potential good investment for portfolio diversification, in order to tackle macro-economic recession”

Although BTC is an uncorrelated asset, other cryptocurrencies are widely correlated to it. Ampleforth’s protocol introduces synthetic assets that “will always find a price-supply equilibrium by adjusting the price due to demand.” The report added,

“It needs to be emphasized, that these price-supply information will always be distributed amongst all token holders, so the supply of all token holders will decrease / increase. As a result, the overall cut of the total supply for each person will always remains the same.”

The report further said that if successful, Ampleforth will directly compete with Bitcoin’s $145 billion market cap and also against traditional asset market-based in fiat.





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