KuCoin enables Tezos deposit service for USDT (Tether)

abdelaziz Fathi

KuCoin – the fifth-largest crypto exchange in the world by trading volume – has enabled its users to deposit tether tokens (USDt) on Tezos.

Tezos

KuCoin said the move is responding to demand from its users who’re looking to invest in challengers of major cryptocurrencies by adding the Tezos to their portfolio. Tezos has developed a reputation as a blockchain platform used for the execution of smart contracts, cross-border payments, and decentralized apps.

Adding support for Tezos USDT on KuCoin, which is said to have over 20 million users in 200 countries, allows for the creation of more assets relating to DeFi, NFTs, DAOs, amongst others.

KuCoin, established in September 2017, is one of the popular cryptocurrency exchanges, having handled almost $2.1 billion worth of cryptocurrency transactions over the last 24 hours, according to Coinmarketcap.com.

Tezos has gained considerable popularity for its energy-efficiency, low transaction fees, and institutional-grade security. Active addresses on the network are at an all-time high while active smart contract addresses have tripled over the past 12 months. Tezos, well known for its ability to seamlessly and forklessly upgrade, is expected to incorporate in its future upgrades features such as enshrined optimistic rollups, which allow for dedicated higher throughput Layer 2 solutions for EVM and WASM virtual machines with all computation made verifiable, enshrined on the Tezos blockchain.

“The ability to upgrade and scale, all while being an industry leader of energy-efficiency, makes Tezos an appealing choice for leading brands and institutions Manchester United, McLaren Racing, Team Vitality, The Gap, and more, that are seeking to expand their reach into Web3 and decentralized finance. The announcement is also a testament to the rapidly-growing Tezos NFT and DeFi community, including leading NFT marketplace Objkt.com, generative art platform fx(hash), yield farming protocol Youves and decentralized exchange and EVM bridge Plenty,” the statement further reads.

Tezos is a highly-scalable platform that supports smart contract functionality and the development of decentralised applications (Dapps). It uses a variant of the proof-of-stake protocol which offers token holders the opportunity to delegate their assets to a validator and earn staking rewards.

With a market capitalization of close to $1.24 billion, Tezos is currently the 41st-largest cryptocurrency, according to industry data aggregator CoinMarketCap.

Tezos also applies a governance model that automatically evolves and upgrades itself to ensure stability. Among blockchain projects, Tezos’s consensus mechanism is touted to be one of the most energy-efficient and technically sound platforms.

As covered by FinanceFeeds recently, Tezos released in April the most significant upgrade of its Proof-of-Stake protocol to date. Codenamed “Ithaca 2,” the major ninth upgrade introduces a new consensus mechanism, Tenderbake, which brings several improvements. This includes so-called “near-instant finality,” which offers the absolute certainty that transactions cannot be reversed after two blocks.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<