Secure Digital Markets To Integrate Zytara’s Stablecoin ZUSD
Seeking Alpha Analyst Since 2019
Summary
- ZUSD, a new gaming stablecoin, to receive currency support from Secure Digital Markets.
- Secure Digital Markets provides institutions and high net worth individuals with custom pathway to digital asset liquidity and off-exchange transactions.
ZUSD, a new gaming stablecoin, will receive currency support and new trading pairs from Secure Digital Markets, GDA Group's institutional trading desk. Secure Digital Markets offers customized solutions to individuals, miners, and institutions seeking digital asset liquidity among other things.
Launched by Zytara and Prime Trust just weeks ago, ZUSD is a programmable dollar with use cases that include in-game enhancements, fan engagement opportunities, programmable incentives, and tournament payments. It allows users to send and receive payments anywhere in the world, around the clock. ZUSD acts as a medium of exchange within ecosystems of different trading platforms. Each ZUSD is redeemable at a 1:1 ratio with US dollars, collateralized through Prime Trust with a real corresponding USD.
Secure Digital Markets COO Zachary Friedman says that stablecoins are an essential part of the digital asset landscape that drive liquidity and act as "an ideal hedging instrument when capital is deployed and left on the market”. He adds that his firm has been looking for a stablecoin to offer to gaming and esports clients and ZUSD is a great fit.
ZUSD’s initial launch in December 2020 was on the Ethereum blockchain. Zytara plans to move it onto the DigitalBits blockchain as part of a long-term mission to incorporate multiple blockchains.
Zytara describes itself as the first digital banking platform designed specifically for Gen Z and Millennial gamers and esports enthusiasts. ZUSD will be used to "promote financial literacy and inclusion amongst the younger generations by allowing them to send and receive payments, earn on spending, and receive other benefits enabled by the use of cryptocurrency," says Al Burgio, Zytara’s CEO and founder.
Both companies announced that ZUSD will be added to the SDM trading infrastructure and will have spot market liquidity against the top 10 digital asset trading pairs. Additionally, SDM will be adding full customer support on all ZUSD-related transactions, and G10 currency support on ZUSD settlements.
Analyst's Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.