The Ocean to launch with USD-backed quote currency, TrueUSD
At The Ocean, our philosophy revolves around crafting the paramount wallet-to-wallet trading experience. This ambition drives every design decision we make, especially who we partner with. At this moment, DEX adoption is hindered by a handful of critical user experience issues. Fiat-to-crypto options remain absent, making onboarding difficult and cumbersome. To address this problem, we’re extremely pleased to announce our partnership with TrustToken to deliver TrueUSD and fiat-to-crypto conversion to the DEX universe!
Once The Ocean launches, our users will be able to (1) trade Ethereum and other tokens against TrueUSD, and (2) receive priority in redeeming TrueUSD for US dollars through the TrueUSD fiat exchange app.
TrueUSD is collateralized 1:1 by dollars placed in US domiciled and regulated banks. Aligned with our vision, TrustToken never touches these funds. Instead, an open-source smart contract ensures a 1:1 parity between TrueUSD and USD. Finally, regular public attestations ensure that every TrueUSD token is indeed backed by, and can convert back to, real dollars.
“DEXs have the potential to revolutionize how we trade all types of financial value, and we respect the approach The Ocean is taking,” said Rafael Cosman, Co-founder and CTO of TrustToken.
“Besides their technical architecture, we appreciate their forward-thinking approach to regulation in this space. Traders will get access to products and services like TrueUSD that solve real pain points but require a compliant approach to implement. We’re excited to work together to build bridges between the cryptocurrency world and traditional finance.”
The Ocean is also proud to reveal that our CEO John Piotrowski will serve as an advisor to TrustToken. Collaboration is the essence of success in the blockchain space, and we’ll be working closely together with TrustToken to smooth the USD to token process and explore the tokenization of other currencies and assets. Through this partnership, our overarching goal is twofold: to both accelerate the growth of trading tokenized assets of all types and expand cryptocurrency adoption worldwide — all on an institutional-grade trading platform that is low-risk in every sense.
You can read more about TrustToken on their blog. For more information on trading and redeeming TrueUSD, please read this post.
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This is just the beginning of several partnership announcements over the next few weeks. Join our Telegram to get our news delivered straight to your phone.
