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The Stability is Here: USD Tether Comes to 1xBit

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USD Tether

Cryptocurrencies have been stirring the interest of the general public for the last several years, mostly because of the wild price swings that yielded massive profits for the dextrous speculators. The unprecedented level of security, almost complete non-traceability, superior speed of transactions, and substantially lowers fees are among the factors that facilitated the embracement of cryptocurrencies by the millions around the globe.

But on the flip side, high volatility, inherent to digital currencies, has oftentimes dissuaded traditional investors, traders, and common users from entering the space. However, things have changed after the emergence of stablecoins, the type of cryptocurrencies explicitly designed to provide holders with a hedge against severe volatility, thanks to their direct binding to the so-called “stable” class of assets or commodities. Those assets come in the form of the traditional fiat currencies (USD, EUR, CNY) or the traded commodities (gold and other precious metals, crude oil, rubber). Over a short period of time, stablecoins became a cog in the crypto machine, with one coin currently dominating this niche.

USD Tether: stability amidst the total volatility

Similar to Bitcoin, the dominance of which has already surpassed the 70% mark, USD Tether (USDT) currently holds the upper hand among the peers. The idea concerning the issuance of a cryptocurrency that would be pegged to the US dollar, along with a basket of other traditional currencies, to provide the much-needed stability began circulating in 2012, after the publication of a whitepaper that described Mastercoin, the predecessor of Tether.

The official issuance of Tether occurred in 2014, under the auspices of Tether Limited, the Hong Kong-based company founded by a group of well-known digital entrepreneurs. The currency itself had initially been realized on the Bitcoin blockchain through the Omni Layer Protocol, though in 2017, Tether began making a gradual switch to Ethereum and its ERC-20 standard for tokens.

It took Tether only five years to acquire a dominant position among other stablecoins, similar to the one that Bitcoin has overs alts, which translated to the 6th place in the Top 10 cryptocurrency rank with the overall capitalization of $4 billion. The emergence of USDT allowed merchants and traders to leverage against the volatility of cryptocurrencies and even bypass the bans on crypto/fiat trading, like the one imposed by the Chinese government, as well as other banking restrictions.

As of now, USDT provides for the enormous volume of crypto trading activity, with over 75% of all Bitcoin trades are being made against this stablecoin. Moreover, Tether Foundation declared the intention to launch a new stablecoin CNHT, pegged to the Chinese yuan allocated in the offshore account to evade the governmental restraints. But the useful properties of USDT are not limited to trading and cross-border remittances. It can be used as a stable store of value, a loan instrument, and as a means of online betting.

1xBit welcomes USDT

Cryptocurrencies had already established a strong foothold in the gambling industry, having become a bedrock for the crypto-only platforms, such as 1xBit, which accepts more than 30 digital currencies, including USDT. By introducing Tether as the new deposit & withdrawal method, 1xBit shows its devotion to serving the needs of holders of all cryptocurrencies, including stablecoins.

So, if instead of a complicated crypto trading, you feel more competent at betting on sports or playing online casino games, there is no better way to multiply your USDT capital than joining 1xBit. The registration is fully anonymous and requires only one click. Moreover, all newly registered users who deposit the equivalent of 5mBTC in USDT become eligible for a welcome bonus of up to 7 BTC. Gambling with USDT gives you peace of mind that its price will remain unchanged while you wait for the end of a sports game or a gambling session. Finally, the much-needed stability has arrived at the crypto gambling space!

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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Bridge Mutual Announces Partnership with Plasma.Finance to Strengthen DeFi Insurance

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Bridge Mutual, a decentralized insurance provider, has announced a collaborative partnership with DeFi aggregator PlasmaPay and Plasma Finance allowing users to directly fund or provide liquidity through the Bridge ecosystem and the Plasma Finance platform.

Bridge Mutual will also use some of its own liquidity to start a PlasmaPay insurance pool, integrating shield mining in order to give users the chance to earn PPAY tokens as a reward for providing coverage to PlasmaPay. The result is an increase in users on the decentralized insurance platform for Bridge Mutual, and another dimension of safety for PlasmaPay and Plasma Finance users.

“This partnership will give both organizations the ability to expand operations into the other’s platform, a net benefit for two strong projects looking to optimize the DeFi market as a whole,” notes Ilia Maksimenka, PlasmaPay’s CEO, “Ease of use and access to insurance ultimately benefits users. By working together, Bridge Mutual and Plasma Finance take DeFi a step forward towards more reliable financial services on the blockchain.” 

Bridge Mutual CEO Mike Miglio adds, “The main focus of our partnerships is to increase the overall safety of the DeFi space by encouraging users to protect each other. Partnering with PlasmaPay was strategic in that users will be able to easily purchase or provide insurance directly from the Plasma Finance app where they manage all…

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Dignitas Joins Zytara Lineup, a Step Towards Uniting Esports and Blockchain

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Esports icon Dignitas has come together with fintech company Zytara to tackle payments and value transfer within esports using the DigitalBits blockchain.  

Dignitas’ partnership with Zytara is the first major alliance between esports and blockchain, a combination set to overhaul the esports’ financial mechanisms.  Zytara, a fintech launching a digital banking platform and payment network for gamers and esports enthusiasts, will leverage the DigitalBits blockchain to power the use of stablecoins and other digital assets.  

Despite their global scope, esports organizations still struggle with traditional payment rails.  Notably, Epic Games experienced difficulties distributing some of their $100 million prize pool for Fornite tournaments.  With esports growing rapidly, this is something that must be addressed, and it appears that Dignitas and Zytara are coming together to lead the charge.   

Dignitas has championed many firsts for the industry, being the first ever esports team to be acquired by an ownership group of a North American sports franchise, Harris Blitzer Sports & Entertainment (HBSE).  Dignitas would later go on to sign a first-of-its-kind sponsorship deal with Susquehanna International Group, LLP (SIG), one of the world’s largest proprietary trading firms.    

Zytara will issue a series of Dignitas-branded debit cards and app skins, featuring the…

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