Just in a few days of its launch, Euro-pegged stablecoin EURS is gaining broad popularity as one of the largest digital currency exchange’s HitBTC has added support for the token. The EURS stablecoin was launched earlier this month by Malta-based cryptocurrency project STASIS with an aim to bridge the gap between the traditional financial system and the decentralized cryptocurrency market.
At the time of launch, Gregory Klumov, the CEO and founder of STASIS said that the creation of such a Euro-pegged stablecoin was driven by a significant demand from the institutional investors. He noted:
“We received a lot of interest from institutional investors – these want transparency and security first and foremost. There are also those investors who want to reduce the volatility of their portfolios and are looking for a stable coin to do so. Such investors participate in ICO’s and with fiat banking systems, you can’t execute a transfer immediately which is essential with such investments. EURS allows you this kind of flexibility to execute transactions immediately in a transparent manner. Our reserves are verified daily so every investor will have confidence that the tokens issued are backed up”.
The institutional demand for the stablecoin seems to be genuine as it makes its way to HitBTC with the world’s first crypto EUR to crypto USD pair going live for trading. Seven days back, HitBTC made this announcement public on its Twitter handle.
— HitBTC (@hitbtc) July 23, 2018
In its official blog post, HitBTC showed its appreciation of STASIS for taking up this initiative and understanding the market demand. It wrote:
“The project has already been highly appraised in media for taking the stablecoin transparency standards to the next level. (daily statements from third-parties and quarterly reviews by the Big 4) The coin maintains the benefits of both traditional instruments of finance and crypto-markets. STASIS EURS is a stablecoin, aimed to offer the users highest liquidity on exchanges, from crypto to fiat and back.”
While talking to CCN, CEO Klumov said that it was a huge achievement for the stablecoin considering that it has been launched just a few days back. He added:
“We sold $2 million worth of EURS today and this HitBtc development continues to check further boxes in our attempt to become the stablecoin for investors and money market operators”.
Meanwhile just recently, HitBTC made the headlines for receiving sharp criticism from John McAfee, the founder of McAfee cybersecurity company. In a stinging attack on the crypto exchange, McAfee tweeted:
“The crypto exchanges have become the thing that we have originally fought against. Their power is immense. Hitbtc, for example, has increased suffering for millions of poor people who cannot afford the minimum buy-in since it is greater than their monthly income.”
Not buying into such sharp criticism, HitBTC later responded to McAfee publishing note explaining their working algorithm on withdrawal fees and asking McAfee to share his views for a better-replacing algorithm.