Canadians can now instantly buy and sell new class of low volatility cryptocurrencies at Instacoin ATMs
MONTREAL, Dec. 11, 2019 /PRNewswire/ -- Canada's leading cryptocurrency ATM operator, Instacoin ATM, has announced that its users can now buy and sell stablecoins across its network.
The following seven new coins are now available at all Instacoin ATM locations across Canada: DAI (Multi-Collateral DAI), SAI (Single-Collateral DAI), Tether (USDT), USD Coin (USDC), Paxos Standard (PAX), TrueUSD (TUSD) and Gemini Dollar (GUSD).
Stablecoins are a new type of cryptocurrency that have their value pegged to another asset such as the US dollar, other cryptocurrencies, precious metals or a combination of algorithms.
"Instacoin will now have the most stablecoins available to buy and sell via ATM in the world," says Michael Lo Verso, president of Instacoin ATM. "Since crypto prices can fluctuate 10–20% in a single day, fiat-pegged stablecoins are currently the most popular option in the marketplace and are typically pegged 1:1 to the US Dollar."
Stablecoins have the characteristics of crypto-coins like Bitcoin and the price stability of traditional financial assets, such as the US dollar, Euro or gold. Originally created to provide steadiness to the highly volatile world of cryptocurrency, stablecoins help eliminate fears about conversion rates and make them more practical for buying goods and services.
There are three different types of stablecoins. Asset-backed on-chain stablecoins backed by cryptocurrencies such as Ether are dependent on the stability of the cryptocurrency. Asset-backed off-chain stablecoins are backed by a fiat currency, precious metals or other real-world assets and usually held by a trusted third-party. Algorithmic stablecoins rely on a combination of algorithms and smart-contracts to maintain price equilibrium which require continual network growth and investment.
"The demand for stablecoins is grow...