Exchange the Winklevoss brothers also launched their own dollar token Gemini (GUSD), is pegged to the dollar. This is the analogue of the Tether, which has repeatedly been accused of manipulation of the exchange rate of Bitcoin. This writes Bitcoin.com.
Gemini dollar is based on the standard ERC-20, the Issuer is a subsidiary company exchange Gemini Trust. The company argued that the GUSD pegged to the dollar at a 1:1 ratio, and funds for its support are stored in the accounts of the Gemini Trust American Bank State Street Bank.
What tokens to buy
Release GUSD has already reviewed and approved the Department of financial services of the state of new York (NYDFS). Funds for the provision of token-insured Federal Corporation on insurance of contributions (FDIC), noted in Gemini.
Clients Gemini can convert stored in their accounts dollars in GUSD since September 10. The representative of the NYDFS stated that the tokens are safe and meet the state financial standards.
With the development of the market for financial technologies new York is committed to supporting innovation, while ensuring their safety. Our solution demonstrates that companies can create strong products that meet strict Federal regulatory framework that protects the rights of consumers.
A similar decision of the Department of financial services of the state of new York issued are tied to the dollar token Paxos Standard (PAX), developed by startup Paxos-based ERC-20.
In July, scientists from the University of Texas saidthat provided the dollar token Tether was used to manipulate the Bitcoin exchange rate at the end of 2017. Researchers claimed that a token has an impact not only on the first cryptocurrency, but also on the entire market.
GUSD will change the situation on the market? Share your predictions in cryptodata.
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