Popular Indian cryptocurrency exchange Koinex has just introduced a big revamp of its existing markets by integrating stablecoin TrueUSD (TUSD). TUSD is an ERC-20 stablecoin which enjoys a good reputation in the market because it is is fully collateralized, legally protected and transparently verified by third-parties.
What are the changes?
Koinex will introduce the TUSD market on its exchange platform. The TUSD stablecoin market will replace the existing crypto-to-crypto markets facilitated by Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). What this means is that users will now be able to perform crypto-to-crypto trading only with TUSD. Users will continue to have access to the INR markets on Koinex as well. To summarise, users will now have only two markets on Koinex exchange: INR and TUSD.
On its P2P platform Loop, TUSD market will become an additional market, offering more choice for users. Koinex Loop currently offers BTC, ETH and XRP markets. TUSD will become the fourth market on Koinex Loop which will allow users a gateway to a stablecoin directly through INR.
What are the advantages of these changes?
The presence of only two markets on Koinex simplifies trading for users who will not have to contend with the volatility of cryptocurrencies such as Bitcoin, Ethereum and Ripple. Both INR and TrueUSD offer a stable way to deposit and withdraw money and protect users against sudden spikes and declines in crypto prices. Stablecoins are also a great way to retain value, protect profits and hedge risks.
Users who still want access to BTC, ETH and XRP as base pairs can use Loop platform for such trades. The addition of the TUSD
When do these changes come into force?
The TrueUSD market will be live on