Home CryptoCurrency News Poloniex: USD Coin Now Traded Against Monero

Poloniex: USD Coin [USDC] Now Traded Against Monero [XMR]

The US based digital asset platform, Poloniex recently announced Monero [XMR], among other cryptocurrencies as a trading pair for USD Coin [USDC]. USDC is a service introduced to tokenize US dollars and use them over public blockchains on the internet.

The service can be used to deposit US dollars from bank accounts, convert the dollars into tokens that can be used all across the network, and redeem USDC tokens or even cash out to bank accounts.

The coin can now be traded against, Dogecoin [DOGE], Litecoin [LTC], Zcash [ZEC], Staker [STR] and Monero [XMR].

This is very exciting news for the Monero community. It places the coin one step ahead in evolution. The community sees this as benefiting since USDC is a stable coin and the pair will better overall XMR liquidity and use.

Contract for Difference

Cryptocurrencies are currently the hottest investment products in today’s market. This has led many investors to invest into cryptocurrencies. The value of Cryptos has as a result swelled with Monero growing to over $1 billion in market capitalization and selling at $67.2.

There are 2 main ways of investing XMR as an investor, one is through a direct purchase on an exchange, and the other is through leveraged trading with the use of Contract for Difference, [CFD].

How to Trade Monero [XMR]

CFD’s track the movements of XMR. It is a legal contract between a buyer and a seller where the two agree to pay the difference in the current price of XMR and its contract value. If the difference turns out positive, the seller becomes liable for the difference. And if on the other hand the difference turns out negative, the buyer will be liable for the difference.

Because CFD is derivative, its price is a fraction of the actual value that underlies the asset. This makes Monero more affordable even to average traders.

How to Trade Monero [XMR]

Before users or investors can start buying XMR online, they must first create a Monero Wallet. The wallet will enable them to send and receive XMR coins. There are a variety of Monero wallets users can choose from.

Users can download a version they are comfortable with, and after successfully installing the wallet they can comfortably carry out transactions. Those interested in purchasing XMR with USD Coin can now do so through Bitfinex or Poloniex. They must however, set up an account at these exchanges first and deposit the funds.

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