HONG KONG, April 18, 2019 /PRNewswire/ -- Crypto.com, the pioneering payments and cryptocurrency platform, announced today that it has added TrustToken's TrueUSD (TUSD) to its Wallet & Card App. TUSD is Crypto.com's 10th token, joining bitcoin (BTC), ether (ETH), Litecoin (LTC), Binance Coin (BNB), XRP, Enjin Coin (ENJ), Basic Attention Token (BAT), and its own MCO and CRO tokens.
TUSD is a price-stable cryptocurrency which is backed 1-for-1 by US Dollars. The token uses multiple escrow accounts to reduce counterparty risk, and to provide token-holders with legal protections against misappropriation. TUSD is the first asset token built on TrustToken, a platform to create asset-backed tokens.
By joining the Crypto.com Wallet & Card App, users can now avoid volatility by moving to TUSD without any fees or markups through the Wallet App. Crypto.com also provides the ability to easily convert cryptocurrencies to fiat before spending at over 40m merchants through the MCO Visa Card.
Kris Marszalek, Co-Founder and CEO of Crypto.com said: "Stablecoins are an essential part of the ecosystem and a key piece of infrastructure driving cryptocurrency adoption globally. We are now thrilled to support TUSD as it joins a range of cryptocurrencies that are realizing real-world usage through our Wallet & Card App."
Jai An, Co-founder and CEO of TrustToken said: "With TrueUSD, we have reduced the volatility that has prevented widespread cryptocurrency usage, so everyday consumers and businesses can enjoy the immense benefits of digital currencies. Partnering with Crypto.com is a natural fit as we build the bridge between blockchain and the US$256 trillion worth of real-world assets."
TrueUSD is a USD-backed ERC20 stablecoin that is fully collateralized and transparently verified by third-party attestations. TrueUSD uses multiple escrow accounts to reduce counterparty risk, and to provide token-holders with legal protections against misappropriation. TrueUSD is the first asset token built on the TrustToken platform.
Crypto.com was founded in 2016 to accelerate the world's transition to cryptocurrency. Key products include: the Crypto.com Wallet & Card App, the best place to buy, sell, and pay with crypto, the MCO Visa Card, a metal card with no annual fees, and the Crypto.com Chain, which enables users to pay and be paid in any crypto, anywhere, for free. Crypto.com is headquartered in Hong Kong with a 120+ strong team. For more information, please visit: www.crypto.com