On 3rd August, Zebay, India’s leading cryptocurrency exchange tweeted the launch of its new coin TrueUSD [TUSD] which can now be deposited on the Zebpay wallet that is available for both iOS and Android users.
According to the tweet, the coin comes under the category of a stable coin, which means that the coin will hold a stable, reserved value as opposed to a volatile coin additionally providing an unparalleled security and legal protection. Zebpay claims TrueUSD [TUSD] will prove to be a valuable asset to unstable price jumps.
Zebpay stated TrueUSD [TUSD] will be a replacement for tokens that do not support Crypto to fiat exchange transactions and can also be seen as an alternative to traditional currencies.
The key feature of the coin according to Zebpay, will be being able to send/withdraw TUSD from Zebpay to any wallet without any network transfer fees.
After the announcement of circular DBR.No.BP.BC.104 /08.13.102/2017-18 dated April 6, 2018, by the Reserve Bank of India [RBI], Zebpay has paused all INR deposits and withdrawals on the Zebpay exchange until the banks allow these transactions.
Currently, the TUSD withdrawals will be available on the platform from Monday, 6th August. An update will be provided to users when the trading of TUSD/BTC starts. Users can start trading in 20 cryptocurrencies and 35+ trading pairs on Zebpay exchange.
Through this launch, Zebpay is working at resolving trading limitations in India and serve as a new benchmark to cryptocurrency in India. Zebpay also claims that TUSD tokens are backed by various trust firms that it has partnered with.
Kshirodra, a Twitter user tweeted:
“Introduce p2p, nothing else. Being the biggest exchange of India, people expect you to be the first one to bringing p2p but you didn’t.”
Ashish Rohilla another Twitterati commented:
“We want INR deposit and Withdrawal. Work on it.”
Another Twitterati, Gowtham V replied:
” What is the use if we cannot convert INR to CRYPTO or INR to TrueUSD. If people want to buy new crypto we cannot use TrueUSD without using INR. Good option for trading but not good for new investments.”
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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