Place/Date: - February 17th, 2022 at 10:02 pm UTC · 3 min read
Contact: Valery Kutkina, Source: BaksDAO
One of the leading cryptocurrency exchanges Coinsbit is listing a stablecoin BAKS of the decentralised autonomous organisation BaksDAO. The token listing is scheduled for February 14, 2022.
The co-founder of the BaksDAO platform Mikhail Pospelovsky has shared the reasons why the team has chosen Coinsbit for listing the stablecoin BAKS:
“Coinsbit might be not the biggest exchange by the trading volume but it takes a solid place among leading exchanges by cumulative scores on Coingecko. Also, the important decision driver was the presence of the fiat deposit-withdraw functionality on this exchange because it provides our users with the opportunity to deposit and withdraw fiat. This year we also plan listing on other CEX and DEX platforms of the stablecoin BAKS, as well as BDV token.”
BaksDAO introduced an international decentralized crypto dollar project – stablecoin BAKS, the exchange rate of which is equal to the U.S. dollar at a ratio of 1:1. Its stability is regulated by smart contracts and supported by a coin volume balancing module.
The stablecoin is backed up by the collateral secured in its smart contracts. The platform Baksdao.finance issued the BAKS coin only when there was a pledge or deposit on smart contracts. No other opportunities to issue BAKS is possible within the BaksDAO ecosystem. Smart-contract: here.
By introducing a stablecoin, the BaksDAO team aims to further democratize the entrance in the decentralized finance (DeFi) field. The BaksDAO platform allows users to get open-date loans secured by cryptocurrencies, on the one hand, and get a payback in the currency of an asset by depositing, on the other hand. Multiplying cryptocurrencies safely and easily while holding them. It is the market demand that the platform satisfies.
Upon launch, Coinsbit users will be able to trade a new stablecoin with USDT (trading pair: BAKS/USDT). Project developers also shared that other trading pairs might be added very soon.
The latest news on Coinsbit is available on the official website!
Coinsbit is the award-winning cryptocurrency exchange launched in 2018 and based in Estonia. According to CoinMarketCap, it ranks among the top 75 cryptocurrencies in the world with over 2 million users and over $170 million in daily trading volume.
BaksDAO is a decentralized autonomous organization, the developer of the stablecoin BAKS that functions on the BSC blockchain. The project team aims to make the DeFi market easily accessible to anyone regardless of the level of technical knowledge.