Waves users can deposit USD via the secure gateway, receiving in return a token that is 100% backed by dollar reserves. This can be held, transferred and exchanged for other tokens quickly and at low cost, and withdrawn back through the gateway into the traditional financial system when required.
“Alongside EUR deposits and withdrawals, the USD gateway offers Waves users an easy way to move money into the blockchain ecosystem, enabling them to invest in tokens and ICOs with fiat. This was always one of the key propositions for the Waves platform: the ability to send and trade with fiat-backed tokens,” says Waves CEO Sasha Ivanov.
In due course, gateways for further major currencies will be added, opening opportunities to other areas of the world — including the Chinese market, with a CNY gateway. As with the EUR gateway, the USD gateway partner is Coinomat.
In addition to the USD gateway, a number of other minor updates have been made to the latest client. These include adding a ‘verified’ check mark against the ZrCoin, CryptoPing and PrivateBANKX tokens.
“Users are reminded that, as an open platform, it is possible for anyone to create an asset on Waves — including those with names that duplicate official assets. Please do not trade a token unless you know exactly what it is. Although asset names can be the same, all tokens have a unique id number. Please check this with the token issuer if you are in any doubt. The green check mark is a shortcut to this, indicating that the token id has been verified by the Waves development team,” mentions Sasha Ivanov.
Waves Platform is a decentralized platform for launching crowdfunding campaigns and issuing digital assets. It is the largest blockchain project to originate from Russia. The Waves encryption platform is primarily designed to support the issuance, trade and exchange of digital assets/tokens using blockchain technology. The project is characterized by its emphasis on usability and widespread application. It is supposed to use Proof-of-Stake as its consensus algorithm. Waves Platform completed its Initial Coin Offering in June 2016, garnering more than $16 million (30,000 BTC).