South Africa’s oldest Cryptocurrency exchange, iCE3 went live with Tether (USDT) listing on Monday. The platform remarked that it is a move to help users to have control over Crypto and fiat volatilisation.
A press statement signed by Eugene Etsebeth, COO at iCE3 Exchange noted that Tether is linked to the value of the US Dollar. Therefore, it allows traders and customers looking to hedge against the volatility of cryptocurrencies or the South Africa Rand in different trading strategies.
The expectation is that the listing of Tether on iCE3 will create room for traders to strategise their activities on the platform. “Tether is a stablecoin – which attempts to reduce volatility by keeping a peg to the US Dollar – that offers customers the advantages of transacting with digital assets while mitigating price risk,” the release explained.
Tether’s Hedging Role
The statement further outlined how Tether matches on a 1:1 ratio with the US Dollars lodged in Tether owned bank accounts. As such, buyers can exchange Bitcoin (BTC) to purchase USDT, and otherwise for sellers in the BTC/USDT trading pair.
“Adding Tether to our platform is a signal to our community that there are alternative ways to make trades and hedge country risks.” Gareth Grobler, the founder of iCE3, said. “Our platform hands down beats others in rapid token and feature rollouts, and there is more coming as we ramp up to satisfy the growing demand.”
Eugéne Etsebeth, COO at iCE3 Exchange announced:
“iCE3 has an extensive customer-focused product road-map for 2020. Expect more products and features in the coming weeks. USDT is just one of many to come.”
iCE3 Maintains Momentum
As the first Cryptocurrency exchange in the Southern African nation, iCE3 has led the pace amid an increasingly competitive market. Just last week, it introduced the first instant deposit in the space.
South Africa has over five digital assets exchange outfits, and the market is arguably the most competitive on the African continent. The world’s biggest exchange by trading volume, Binance recently announced their entry into the country, two years after entering the African market through Uganda with their first fiat to Crypto pair.
The platform maintains it aspires to give clients the best service to trade Cryptocurrencies and fiat pairs on a trusted exchange by integrating with various business partners. These include a cryptocurrency exchange platform provider, financial institutions, merchant services, wallets, custodial services, insurance and scratch cards to build an ecosystem around the iCE3 platform.
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