After the most recent listing of USDT given its strong increase in usage in the Asian Cryptocurrency markets especially over the past year, BitcoinVN is from now on also providing the possibility to buy and sell USDT via the Simple Ledger Protocol (SLP).
The current boom in “DeFi” usage has driven up transaction costs on the Ethereum Blockchain significantly in recent weeks, so that cheaper alternatives and more reliable transfer mechanisms for USDT as the most high-volume Digital Asset are of high priority in order to fulfill the needs of the market.
“We chose to utilize the Simple Ledger Protocol on Bitcoin Cash because it offers a fast, cheap and reliable way of transacting with the most successful stablecoin on the market, technically beating other solutions by far..” said Alex Winter, CTO of BitcoinVN.
“Since Counterparty risk with 3rd party-backed Digital Assets such as Tether is always the major attack angle, the underlying security of the Blockchain is of secondary importance. For the nature of what USDT aims to provide to its users, fast, cheap & reliable transfers are of utmost importance – while none of our clients is utilizing USDT as long-term savings vehicle.
We are observing other solutions such as the Liquid Sidechain or RGB layer; but the former is more directed towards B2B transfers while RGB still needs more time to get ready for the market.” said Bao Phuong Nguyen, who is also heading the OTC trade desk of BitcoinVN.
BitcoinVN allows its clients to buy and sell Cryptocurrency via all Vietnamese Banks and various other funding and withdrawal methods.