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

On June 12, the cryptocurrency alternate 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 totally regulated stablecoin issued on the Bitcoin Cash community backed 1-to-1 for U.S. .

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Coinex Lists the USD-Backed Stablecoin USDH

The digital forex buying and selling platform Coinex, an alternate 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 really leaked on June 11 when somebody posted the web site handle to the discussion board r/btc, however on the time nobody understood what the web site meant. The one who leaked the knowledge said that the “official information comes later, this stablecoin has been mentioned for one 12 months within the Chinese language neighborhood — It’s regulated by the U.S. authorities.”

Coinex Exchange Lists the first SLP-Based Stablecoin Built on Bitcoin Cash
Honestcoin (USDH) could be considered 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 checklist honestcoin.

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

Honestcoin (USDH) is the primary regulated Stablecoin undertaking 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 alternate. 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 alternate. USDH can simply be considered on the SLP transaction explorer Simpleledger.information and at present there are 11,030 USDH in circulation and the minting baton standing is alive. SLP tokens like USDH could be designed with a minting baton which signifies that the baton proprietor can situation extra USDH.

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

Honestcoin is buying and selling stay on Coinex for $1 on the time of writing because it’s paired with the Omni Layer issued stablecoin tether (USDT). The web site exhibits 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 “absolutely regulated stablecoin that may be purchased, offered, 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 software referred to as Honestpay for cell 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 data and pictures. The web site states that sooner or later customers will be capable of gather funds with honestcoin and the positioning exhibits 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 positioning’s providers however folks may also 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 signifies 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 software referred to as Honestpay and one other software that may permit customers to take a position with USDH. The web site exhibits that the undertaking 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.

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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 dwelling in Florida. Redman has been an lively member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open supply code, and decentralized functions. Redman has written 1000’s of articles for concerning the disruptive protocols rising as we speak.

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