The Ocean, a high-performance 0x-based Ethereum ERC20 token trading platform announced today partnership with TrustToken to deliver TrueUSD and fiat-to-crypto conversion to the DEX universe. Once The Ocean launches, 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. 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 backed by, and can convert back to real dollars.
The Ocean also revealed that its CEO John Piotrowski will serve as an advisor to TrustToken. Through this partnership, the 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.
“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.
The Ocean team said, “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.”
Discussion about this post