What Is Bistamp (USD)?
Bistamp USD is a stablecoin issued by Bistamp on the XRP ledger and pegged and backed by fiat USD. Bitstamp USD is a Issuance of the US Dollar on the XRP Ledger. Issuances, like Bitstamp USD, are tokens that can be redeemed for a fungible asset, such as USD, EUR, GBP, gold, or cryptocurrencies, on their native networks.
Although anyone can issue a crypto asset, it's essential for individuals or organizations to trust that the issuer can redeem it for the underlying asset if they want to accept payment in that asset. Bitstamp is one such organization that has gained the trust of its users.
One of the primary strengths of Bitstamp USD and other stablecoins is that they provide a fiat-denominated safe haven and a decentralized blockchain-based tool for value transfer.
Who Are the Founders of Bitstamp?
In 2011, Nejc Kodrič and Damijan Merlak established Bitstamp in Luxembourg, initially with a modest €1,000 funding. The company operated from a garage, utilizing just a single server and two laptops. Bitstamp applied for registration in 2014 and was eventually recognized by Luxembourg as a virtual currency exchange in 2016. Bitstamp's website indicates that Pantera Capital, a San Francisco-based cryptocurrency and blockchain investment firm, has invested in the company. Don Morehead, who serves as Bitstamp's chairman, also holds the position of Pantera's chairman.
What Makes Bitstamp Unique?
Bitstamp stands out from other cryptocurrency exchanges due to its longevity and experience in the industry. Founded in 2011, it is one of the oldest cryptocurrency exchanges still in operation, providing Bitstamp with a wealth of experience and expertise. Regulatory compliance is another important factor that sets Bitstamp apart, as it is fully regulated in the EU and US, holding a payment institution license in the EU and BitLicense in the US. Bitstamp also has a reputation for high liquidity with deep order books, which is essential for executing large trades without significant slippage. In terms of security, 98% of cryptocurrency assets are kept offline in cold storage, with BitGo as an external custody service provider that has bank-grade security standards. Finally, Bitstamp's advanced trading technology includes a cutting-edge matching engine from Nasdaq for fast order execution and high resilience, and it also offers HTTP and FIX APIs with the fastest response times among cryptocurrency exchanges.
Bitstamp offers insurance to protect its users' assets. All offline assets stored in cold storage are protected by BitGo's insurance policy. Additionally, Bitstamp has a separate crime insurance policy that covers all digital assets in various crime-related cases such as employee theft, loss during storage or transit, loss caused by computer or fund transfer fraud, and legal fees and expenses. This insurance coverage provides an extra layer of security for users' assets beyond the already robust security infrastructure in place at Bitstamp.
Bitstamp has made staking available to its U.S. retail and institutional customers via a secure and regulated platform, providing the opportunity to earn up to 5% in staking rewards. This stands in contrast to the typical 0.05% return offered by traditional savings accounts.
Bitstamp Transfer Fee
A protocol-level fee is applied by Bitstamp on USD tokens that are hosted on the XRP ledger, which includes a transfer fee of 0.2%. This implies that whenever USD tokens are transferred on the XRPL, a fee of 0.2% is levied on the transferred amount.
Read more about: Bitstamp
Learn more about: Bitstamp Ecosystem.
How Many Bitstamp USD Are There in Circulation?
There is an initial maximum supply of 9,033,586.52 USD tokens, of which an estimated 6,285,237.94 are currently in circulation as of February 2023. Check out Bitstamp.net to learn more.
Where Can You Buy Bitstamp USD?
Bitstamp USD is a token trading on the XRP ledger DEX, the most straight forward way to acquire Bitstamp USD tokens would be to purchase them through XRPL DEX.
If you are looking for alternative exchanges where you can purchase Bitstamp USD, Bitrue is a good choice. Keep in mind that investing in cryptocurrency can be risky, just like investing in any other type of asset.
How to stay tuned for further updates?
If you wish to receive more updates about the Bitstamp ecosystem and any upcoming events, we suggest you follow @Bitstamp on Twitter.