OKEx To List Four New Stablecoins In Coming Days

Continuing the whirlwind of news for stablecoins, OKEx announced today that it will list four new stablecoins on its platform, just as the largest and most controversial stablecoin, Tether (USDT), experiences huge price volatility.

The Malta-based exchange will list Paxos Standard Token (PAX), USDC//Coin (USDC), True USD (TUSD), and the Gemini Dollar (GUSD), all to begin trading within the next couple of days. The announcement comes only hours after Kucoin, another well known crypto-asset exchange based in Hong Kong, temporarily suspended and then resumed transfers of Tether tokens on its platform, citing “wallet system maintenance”.

Tether Action

The price of USDT fluctuated wildly today, and caused BTC/USDT pairings to trade at record-high premia, owing to the divergence in price between USDT and genuine fiat U.S. dollars. The difference in bitcoin price on USDT exchanges versus the Coinbase exchange, which does not use USDT, exhibits the effect of Tether price premia.

Due to the outsized role Tether plays in underpinning the crypto-asset industry, today’s market turmoil has been cautiously attributed by some to issues surrounding Bitfinex and Tether, which are closely linked through common management and investors and based together in Hong Kong.

Specifically, Bitfinex and Tether have been moving from bank to bank to bank over the past year, after being “dumped” by the Wells Fargo & Co bank, following subpoenas by the U.S. Commodity Futures Trading Commission over accusations that Tether could not back up its virtual currency with the equivalent amount of fiat.

As CryptoGlobe recently explored, Tether has been generally controversial in the crypto-asset industry for some time, serving as a linchpin for liquidity on many exchanges while never actually accomplishing a legal audit, and thus never proving its tethers are backed by real dollars.

All four of the new stablecoins listed today by OKEx differ from Tether in that they have to date experienced no banking problems, while three of them - GUSD, PAX and USDC - are regulated.

The Gemini exchange’s GUSD has been criticized, however, for having the ability to completely halt or reverse transactions of its ERC-20 stablecoin if Gemini so chooses, or is obliged by law enforcement to do so.

 

Travala’s Token AVA Jumps Following Announcement of Partnership with Expedia

Michael LaVere
  • Binance-backed cryptocurrency travel booking platform Travala has announced a partnership with Expedia Group.
  • Travala's native token AVA appreciated more than 20 percent following the announcement.

The Binance-backed travel booking website Travala has announced a new partnership with the online travel agency Expedia Group. 

According to a press release published July 6, Travala and Expedia have joined forces to offer consumers a frictionless cryptocurrency travel-booking experience. The release claims more than 700,000 Expedia Group hotels and accommodations have been made available via Travala.com, in addition to the platform’s existing 2 million hotels across 230 countries. 

Juan Otero, CEO and co-founder of Travala, said the new partnership reflected the rise in popularity for cryptocurrency. He also explained that consumer travel was on the rise following months of COVID-19 imposed shutdown. 

He said:

Our latest month-on-month data shows consumer confidence and the desire for travel is returning, with an 81% increase in room nights booked and website traffic up 50% week-on-week.

Binance CEO Changpeng Zhao said Travala had proven its ability “to build a world-class travel booking platform” and was excited by the partnership with Expedia. 

AVA, the native token for Travala, underwent a subsequent price increase following the announcement. As of writing, the coin has appreciated more than 20%. 

Altcoins Move up as Bitcoin Stalls

The AVA token is not the only in the cryptocurrency space growing exponentially so far this year. While the price of bitcoin has been range-bound moving between $9,000 and $10,000 since the beginning of May, various altcoins have been moving up.

Over the last 6 months, the price of BTC is up little over 13% according to CryptoCompare data, while other altcoins have been moving up. Most of these are related to the decentralized finance space, or to blockchains launching new products or announcing specific partnerships.

VeChan's VET, for example, surged after it was announced VeChain was attending the World Artificial Intelligence Conference 2020, hosted by the Shanghai Municipal People's Government. The conference will also be attended by Microsoft, Alibaba, Tencent, Huawei, and Amazon. One VET is changing hands for $0.0148, up from $0.,0055 in January.

As CryptoGlobe reported, Kyber Network's KNC tokens have risen over 650% year-to-date thanks to the upcoming Katalyst update, which will allow token holders to earn ETH rewards while participating in governance by staking their tokens. 

Another altcoin that moved up significantly is OKEx's OKB cryptocurrency. The token, which gives various advantages to the bitcoin exchange's users, is up 74% over the last six months, going from $2.78 to $5 at press time.

day_CryptoCompare_Index_OKB_USDT_231_11594045158429.pngSource: CryptoCompare

OKEx's OKB isn't tied to decentralized finance protocols, which Waves CEO Sasha Ivanov warned could be turning into the  next ICO bubble, but is instead tied to one of the leading crypto exchanges in the world. 

Decentralized finance protocol Aave has also seen the price of its LEND token surge so far this year. While in January the tokens were trading at $0.017, they are now $0.175 -- a 750% increase.

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