Mybitstore, a global peer-to-peer bitcoin marketplace has announced the addition
of Tether(USDT) to its platform. The inclusion of USDT is expected to assist users in combating a volatile market, protecting their assets, and expanding their portfolios.
USDT belongs to stablecoins, a type of cryptocurrency whose value reflects an existing fiat currency (e.g. US Dollars). The industry has seen a surging demand for a stable digital currency amidst fears of an economic recession in both traditional and digital markets. According to the stablecoin index, in the last 12 months, Tether has established itself as a champion amongst stablecoins.
The addition comes with a hedging option, allowing users to convert BTC to USDT and vice versa instantly, helping the users protect their funds during bitcoin price fluctuations. Mybitstore is also planning to enable USDT trading on the platform. Similar to the bitcoin (BTC) trading in the Mybitstore marketplace, users can buy and sell USDT with over 300 payment methods. The USDT balance is accessible via the wallet page, where the current market price for both coins is displayed. The launch of this feature marks the firm’s first step towards potentially adding new cryptocurrencies in the future.
“The inclusion of USDT and Tether on our platform is considered a big step for us since this is the first cryptocurrency other than bitcoin we have on the platform. We always listen to our customers. We understand that some come to Mybitstore for wealth generation and turn to crypto for stability when their national currency is affected by inflation. We hope that this can aid them to be more in control of their finances,” said Benjamin Anderson, CEO, and founder of Mybitstore.
Founded in 2018, Mybitstore is an African cryptocurrency trading platform where users can buy, trade, convert, send, and receive cryptocurrencies using both African and global payment channels.
Users can also use a Peer To Peer Platform built on a world-class safe escrow to inter-trade and set their pricing.