Friday , October 18 2019
Home / News / Bitcoin / Coinex Exchange Lists the first SLP-Based Stablecoin Built on Bitcoin Cash

Coinex Exchange Lists the first SLP-Based Stablecoin Built on Bitcoin Cash

On June 12, the cryptocurrency trade Coinex introduced the itemizing of a brand new Easy Ledger Protocol (SLP) token referred to as honestcoin (USDH). The web site particulars that the brand new token is a completely regulated stablecoin issued on the Bitcoin Cash community backed 1-to-1 for U.S. .

Additionally learn: Yahoo Japan-Backed Exchange Launches Crypto-Yen Markets and Margin Buying and selling

Coinex Lists the USD-Backed Stablecoin USDH

The digital forex buying and selling platform Coinex, an trade well-known for providing a variety of BCH paired markets, has introduced the itemizing of a brand new stablecoin backed by USD referred to as honestcoin (USDH). The USDH information was truly leaked on June 11 when somebody posted the web site tackle to the discussion board r/btc, however on the time nobody understood what the web site meant. The one who leaked the data said that the “official information comes later, this stablecoin has been mentioned for one yr within the Chinese language group — It’s regulated by the U.S. authorities.”

Coinex Exchange Lists the first SLP-Based Stablecoin Built on Bitcoin Cash
Honestcoin (USDH) will be seen on the Easy Ledger Protocol transaction explorer Simpleledger.information.

The official information got here when Coinex divulged details about the USDH itemizing 12 hours later on Twitter. The tweet then led to a weblog announcement which defined that the buying and selling platform’s executives had determined to listing honestcoin.

“To supply a wider choice of crypto buying and selling choices for Coinex customers, we’ve got determined, after rigorous itemizing evaluations, to listing honestcoin (USDH) on Coinex,” the weblog submit notes. The Coinex weblog continued:

Honestcoin (USDH) is the primary regulated Stablecoin mission issued on Bitcoin Cash by Honestnode and Prime Belief (A USA Belief firm), 1-to-1 for US .

Coinex Exchange Lists the first SLP-Based Stablecoin Built on Bitcoin Cash
USDH is paired with tether (USDT) on the Coinex trade. Many BCH supporters are questioning when Coinex will pair USDH with bitcoin money (BCH).

‘For the Freedom of Cash’

Following the itemizing announcement, Coinex founder Haipo Yang declared that he was “excited” to see the primary SLP token listed on the trade. USDH can simply be seen on the SLP transaction explorer Simpleledger.information and presently there are 11,030 USDH in circulation and the minting baton standing is alive. SLP tokens like USDH will be designed with a minting baton which implies that the baton proprietor can subject extra USDH.

Coinex Exchange Lists the first SLP-Based Stablecoin Built on Bitcoin Cash
Registering on the principle web site requires an account to make use of the providers which mandate identification info and photograph ID.

Honestcoin is buying and selling dwell on Coinex for $1 on the time of writing because it’s paired with the Omni Layer issued stablecoin tether (USDT). The web site reveals that people and establishments can signal as much as purchase and redeem USDH. “For the liberty of cash,” the token’s web site slogan declares and mentions that honestcoin is a “totally regulated stablecoin that may be purchased, bought, invested in or spent as freely as you want.”

Coinex Exchange Lists the first SLP-Based Stablecoin Built on Bitcoin Cash
The web site hints at a fee system with invoices and an utility referred to as Honestpay for cellular gadgets.

Signing up for the web site’s providers at first takes an e mail and password to log in to the dashboard. The signup course of itself is way extra complicated and asks for private identification info and pictures. The web site states that sooner or later customers will be capable to gather funds with honestcoin and the location reveals a preview of a fee bill with QR code. After the KYC verification course of is full, customers can entry the purchase and promote choices accessible on the web site. Account registration is required to make the most of the location’s providers however individuals also can purchase and promote USDH utilizing Coinex.

Coinex Exchange Lists the first SLP-Based Stablecoin Built on Bitcoin Cash

The launch of the brand new honestcoin token utilizing the Easy Ledger Protocol implies that customers can retailer USDH on wallets like Badger, Ifwallet, Electron Cash, and different SLP supporting wallets. The coin’s web site additionally hints at a smartphone utility referred to as Honestpay and one other utility that can enable customers to take a position with USDH. The web site reveals that the mission is backed by the funding companies Preangel, Cryptodiva, Block VC, Ciming Checkup, and Manzi Fund.

What do you consider the brand new SLP-based honestcoin (USDH) itemizing on Coinex? Tell us what you consider this topic within the feedback part beneath.

Picture credit: Shutterstock, USDH,, Coinex, Twitter, Ifwallet, and Simpleledger.information.

Do you know you may confirm any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer instrument? Merely full a Bitcoin tackle search to view it on the blockchain. Plus, go to our Bitcoin Charts to see what’s occurring within the trade.

Tags on this story
1:1 USD, Backed by USD, Badger, baton proprietor, BCH, bitcoin money, Block VC, China, Ciming Checkup, Coinex, Cryptodiva, Electron Cash, Haipo Yang, Honestcoin, Ifwallet, KYC verification course of, Manzi Fund, Preangel, Easy Ledger Protocol, SLP, SLP Explorer, SLP Token, Stablecoin, Token Creation, USD, USDH, ViaBTC
Jamie Redman

Jamie Redman is a monetary tech journalist residing in Florida. Redman has been an lively member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open supply code, and decentralized purposes. Redman has written hundreds of articles for concerning the disruptive protocols rising right this moment.

About Tom Greenly

Check Also

10 of the Best Telegram Crypto Channels

Telegram’s token might need obtained brief shrift from the SEC, however its messaging app has …

Europol Predicts Rise of ‘Criminal’ Crypto Exchanges in Digital Underground

Is the present trade panorama, the place centralized exchanges dominate cryptocurrency buying and selling volumes, …