On 24th August, OKCoin announced that it had decided to include new trading pairs into its fold with the company releasing a report stating that the move will allow users to trade against Convertible Virtual Currencies, Fiat and Stablecoins such as Bitcoin [BTC], Fiat, Tether [USDT], and TrueUSD.
Tether and TrueUSD is the first set of stablecoins that has been introduced into the OKCoin. Stablecoins are basically assets that are pegged to an unchanging asset so that it does not fluctuate in the market.
Tether [USDT] is the most popular stable cryptocurrency which is always backed 1-to-1, by the traditional fiat currency. Basically, 1 USDT would always be equivalent to 1 USD. The Tether platform is developed on an open, secure, and transparent blockchain technology. At the time of writing, Tether was trading at $1.0 with a slight increase of 0.06%. Tether is currently at the 8th position with a total market capitalization of about $2.79 billion.
TrueUSD, as the name, suggests it can be a true equal to the US Dollar, but it is a relatively new coin in the market. TrueUSD is another market pegged decentralized cryptocurrency which is completely collateralized by US Dollar. The team explains that since it is legally protected, it can be used and redeemed against the USD in a number of stores and ATMs.
OKCoin was also in the news recently when a lawsuit was filed against it by a Chinese cryptocurrency investor who alleges that he has not received Bitcoin Cash [BCH] that was meant to be airdropped after the soft fork that occurred in August of 2017. This marks the first lawsuit related to a fork of Bitcoin in the court of Beijing.
The investor stated that the Bitcoin Cash that was entitled to him, which approximately comes up to 38.748 tokens, which were not deposited in his account. OKCoin said that this was because he did not claim the coins in time. This resulted in the investor suing the exchange to the tune of $25,000 or 169,969 Yuan.
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