Chiji14xchange launches cryptocurrency Tether “USDT” on its “Rocket” App
Lagos based FinTech firm Chiji14xchange has added a new cryptocurrency to its digital trading platform called “Rocket” .
The new coin “Tether” more popularly known as USDT was introduced by the firm in a bid to diversify and provide more crypto trading options for its users.
In a recent press parley, the Chief Executive Officer of the company, Odum Chijioke explains what “Tether” is all about.
According to him, “USDT is a stablecoin (stable-value cryptocurrency) that mirrors the price of the U.S. dollar, issued by a Hong Kong-based company Tether. The token’s peg to the USD is achieved via maintaining a sum of dollars in reserves that is equal to the number of USDT in circulation.
Originally launched in July 2014 as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin’s blockchain through the use of the Omni platform, it was later renamed to USTether, and then, finally, to USDT. In addition to Bitcoin’s, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains.”
He said the stated purpose of USDT is to combine the unrestricted nature of cryptocurrencies — which can be sent between users without a trusted third-party intermediary — with the stable value of the US dollar.
Chief Executive of Chiji14xchange explains further that USDT is a stable coin and this property makes USDT a safe haven for crypto investors: during periods of high volatility, they can park their portfolios in Tether without having to completely cash out into NAIRA.
“In addition, USDT provides a simple way to transact a U.S. dollar equivalent between regions, countries and even continents via blockchain — without having to rely on a slow and expensive intermediary, like a bank or a financial services provider,” he added.
Speaking further he said like Bitcoin, USDT is now available on Chiji14xchange’s Rocket app where new and existing users can easily and securely trade. Users can buy, sell, send and receive and store USDT on their respective wallets .
“Also features on the Rocket app like the ‘Add Bank Account’ feature allows users to transfer USDT to their set up bank accounts and convert it to cash,” he affirmed.
Adding USDT to its coin roster gives Chiji14xchange an edge in the exchange market and so far existing users on The Rocket app by Chiji14xchange have expressed interest and excitement over the new coin as more traders get introduced to the platform.