Bittrex Global, a leading cryptocurrency exchange, has announced that it is the first to integrate the DigitalBits blockchain mainnet. Additionally, Bittrex announced that it will provide liquidity for the DigitalBits ERC20 token to enable swapping. The cryptocurrency firm also noted that it recently listed the Zytara dollar (ZUSD) and also the DigitalBits native token (XDB).
Notably, DigitalBits is a protocol layer blockchain focused on supporting consumer digital assets, specifically branded currencies. The protocol is involved in the branding of assets such as gift cards, loyalty and reward points, and branded stablecoins.
Branded stablecoins are regarded as second-generation stablecoins as they enhance the relationship between consumers and the brand. Thereby, not only improving the marketing aspect but also generating more insights for the consumers.
The Zytara USD (ZUSD) is a digital currency that one can send and receive through a personal email. Notably, the ZUSD is issued by a regulated financial institution and is pegged to the United States dollar in the ratio of 1:1. According to its developers, ZUSD was developed to revolutionize the esport and gaming industry among others in the future.
“Zytara, led by DigitalBits founder Al Burgio, has been in a rapid growth stage, strategically focused on building the financial infrastructure of tomorrow, today. In partnership with Prime Trust, Zytara launched ZUSD to serve the gaming and esports industry, providing Millennials, Gen Z gamers, and esports enthusiasts with a dynamic new alternative to traditional payment solutions. ZUSD is fully collateralized, with Prime Trust serving as the issuer of ZUSD, and holding 1:1 USD reserves,” Bittrex noted in a press release.
“The gaming, sports, and entertainment industries are ideally positioned for stablecoins and NFTs,” said Bittrex Global’s CEO Tom Albright. “The infrastructure required to ensure prizes can be distributed to anyone, anywhere in the world is currently lacking, and Zytara is looking to fill this exciting niche. Zytara’s ability to attract and support major influencers and brands with innovative NFT campaigns is clearly evident as recently unveiled with their support for the NFT collaboration with the Dole Sunshine Company and renowned artist, David Datuna.”
“We have reached a very exciting stage in the development of digital assets,” said Michael Gord, Managing Director of the XDB Foundation, leading contributor to the DigitalBits ecosystem. “As more mainstream brands and enterprises adopt digital assets, they will require support to effectively offer blockchain-based services to their customers, whether it be NFTs, loyalty rewards, security, or greater transparency. The DigitalBits ecosystem has attracted a wide array of organizations that are supporting the use of DigitalBits as an alternative network layer to the current blockchain landscape.”