CEX.IO, one of the largest international exchanges on the cryptocurrency market, announces support for a new USDT/GBP trading pair on its exchange platform. As a result and amid rising interest in the stablecoin on the cryptocurrency exchange platform, UK citizens can now use their national fiat currency to purchase USDT conveniently on CEX.IO to benefit from fast, cost-efficient, and third-party-free transfers within and across borders.
With the support of the new USDT/GBP trading pair, CEX.IO users can now use British pounds to buy and sell 16 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), MetaHashCoin (MHC), Litecoin (LTC), Ripple (XRP), Cardano (ADA), Neo, GAS, Cosmos (ATOM), Basic Attention Token (BAT), Tezos (XTZ), USDT, WABI, Matic Network (MATIC), and ChainLink (LINK).
UK citizens can use multiple payment methods to deposit funds into their CEX.IO accounts, including credit and debit cards, Faster Payments, and SWIFT transfers. Deposits and withdrawals via Faster Payments are free.
“USDT is a stablecoin that allows convenient value transfers – both within and across national borders – without any third-parties involved in the process,” said Konstantin Anissimov, executive director at CEX.IO.
“Ever since the start of the COVID-19 pandemic, we have been experiencing a steady increase in USDT-based settlements on our platform. In addition to that, the UK has officially left the EU, which changes how payments are done between the UK and the EEA. Taking all this into account, we have decided to add a new USDT/GBP trading pair on our exchange platform to support convenient cross-border stablecoin transfers.”
USDT also allows arbitrage activity to help in evening the stablecoin’s prices between cryptocurrency exchanges.
In addition to providing liquidity to the exchanges as well as promoting market efficiency, arbitrage enables traders to make potential profits by taking advantage of the USDT price difference between various cryptocurrency exchanges.