Dollar on Chain (DoC) keeps an equivalent price to that of the US dollar. Paxful makes easier the exchange of cryptocurrencies person to person.
Dollar on Chain (DoC) can now be exchanged for bitcoin or other cryptocurrencies on the p2p exchange Paxful. This stablecoin maintains its price parity with the US dollar (that is, 1 DoC is always worth 1 dollar) and is backed by bitcoin (BTC) on the RSK blockchain.
The announcement of incorporation was made during the last edition of the LaBitConf conference. There, the manager for Latin America of Paxful, Magdiel Rivas, said: “This type of agreement is key to offer our users more guarantees to protect their bitcoins from volatility.”
According to Rivas, “cryptocurrencies are increasing their consolidation in Argentina and Latin America.” He said that, in the abovementioned country, during 2020 there was “an annual growth of 493% in the volume of transactions with bitcoin” when compared to the previous year. “In the rest of Latin America the increase averaged 156% per year,” he added.
Maximiliano Carjuzaa, the co-founder of Money On Chain, an Argentine company that takes complete responsibility for the development of DoC, also spoke about what happened. “We are very happy to and excited to make this new agreement with one of the main global platforms for peer to peer exchanges such as Paxful.”
He added that, for a company like Money on Change, “it is very important to offer those users who have DoC plenty of options to exchange their tokens for bitcoin.”
To celebrate the addition of DoC to Paxful, everyone who buys or sells bitcoin on that platform through January 11, 2021, will enter into a giveaway. On January 12, the social networks of the exchange will announce the 10 winners who will each have a prize of USD 25 in bitcoin.
Since September 2020, Dollar on Chain had been showing the availability to exchange funds for bitcoin through HodlHodl. The main benefit that this platform has is that it does not require the safeguarding of the funds of its users, but it is the same user who keeps their money.
Dollar on Chain: What is it? And how does it work?
DoC, unlike other stablecoins like Tether (USDT) or USD Coin (USDC), does not have its backing in money into a bank account. The DoC, instead, has collateral in cryptocurrencies, more precisely in BTC (a tokenized version of bitcoin on the RSK blockchain, developed by IOV Labs).
Carjuzaa points out that this is an advantage because collateral in fiat money (such as the dollar or the euro) “are exposed to problems that banks may have, or possible government seizures, or in any case to the disappearance of the exchange house ”.
Regarding the Money on Chain website, they also explained that its development is “a decentralized finance protocol with a built base by bitcoiners from the entire community.” The goal, they say, is “to grant easier access to a new financial system: accessible to all, transparent, open and resistant to censorship.”
By: Jenson Nuñez.
