As a USD-backed stablecoin, TrueUSD can be redeemed 1-for-1 for US dollars, helping mitigate risk and volatility for cryptocurrency traders. HybridBlock will implement TrueUSD on its exchange product, HybridExchange, as well as BaseTrade, a cryptocurrency platform that allows users to easily buy or sell cryptocurrency in just a few steps.
The partnership announcement follows an exciting month for both companies, as HybridBlock enters its highly-anticipated public token sale, and TrueUSD recently lists on Binance, the world’s largest cryptocurrency exchange, and has grown to a market cap of over $33 million since its inception less than three months ago.
TrustToken Co-founder and CTO Rafael Cosman says,
“With TrueUSD, we set out to build a trustworthy stablecoin. We appreciate that HybridBlock sees the value that TrueUSD will provide to traders on BaseTrade. The HybridBlock team is showing responsibility and a long-term view in meeting their community’s needs.”
HybridBlock Co-Founder Apolo Ohno explains,
“TrustToken and TrueUSD are a world class team and product. We are very excited to integrate TrueUSD within the HybridBlock ecosystem as one of the top stablecoin solutions for traders globally.”
TrueUSD Functionality Within HybridBlock
As a stablecoin, TrueUSD provides traders with protection through legally enforceable escrow agreements. Every TrueUSD is fully collateralized by USD, held in professional trust firms’ escrow accounts and can be purchased or redeemed directly (apply here for access).
TrueUSD will be utilized on HybridExchange to serve as a base pairing to allow traders to hedge against market volatility, providing a robust solution for intermediate traders. HybridExchange will go live in early June 2018 and will be one of the first exchanges to list TUSD as a base pairing, also known as a quote currency. Initial base pairings with TUSD will include BTC/TUSD, ETH/TUSD, LTC/TUSD, XRP/TUSD, and HYB/TUSD.
On BaseTrade, TrueUSD will serve as the initial token distributed to traders loading their accounts via wire transfers. Once accounts are loaded with TrueUSD, users will be able to quickly buy major cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple and HybridBlock Token. HybridBlock will be one of the first to allow users to transition from fiat to crypto and back to fiat using a stablecoin.
TrueUSD gives BaseTrade traders a method to enter the cryptocurrency markets without immediate exposure to volatility. This gives users an opportunity to make informed decisions about which coins to buy or sell on their own timeline.
TrustToken is a platform to create asset-backed tokens that you can easily buy and sell around the world. For example, gold to gold tokens or dollar to dollar tokens. The company’s first asset token is TrueUSD, a stablecoin that you can redeem 1-for-1 for US dollars. TrustToken was founded in 2017 by a team from Stanford, UC Berkeley, Palantir, and Google, and is backed by Stanford-StartX, Founders Fund Angel, FJ Labs, and BlockTower Capital.
HybridBlock is the world’s most innovative cryptocurrency trading and education platform. It is an alternative for those who want to benefit from the explosive growth of cryptocurrencies without the high risk and complexity that accompanies digital asset trading. HybridBlock is simply the most efficient and effective way to participate.
Through cutting-edge blockchain technology, we are aspiring to revolutionize cryptocurrency education and usage in Asia – a market of over 4.4 billion people. HybridBlock’s international team is comprised of technologists, financiers, and well-known entrepreneurs who are all passionate about providing the best user experience within the cryptocurrency market.