A cryptocurrency backed by the Mexican peso? Thursday June 17th is available MMXN, a cryptocurrency developed by the Moneta Digital platform and backed by the official Mexican currency.
It is about one Stablecoin which enables users to access various products, applications and services, e.g. B. Send transfers, make payments and buy cryptocurrencies. This is the result of an alliance between Moneta and Mexo Exchange.
“In this way, all users will be able to use Mexo as an access bridge for all financial products and applications with MMXN”, they explain in a press release.
What is a Stablecoin?
It is a digital currency that has the property of maintaining its price despite the volatility of this market. This is achieved when the cryptocurrency is tied to an official working capital that supports its value, in this case the Mexican peso.
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“The main goal is to bridge the gap between fiat currencies and cryptocurrencies. The MMXN was designed and developed as a digital stablecoin that is linked one-to-one with the Mexican peso so that users can also intuitively understand the price relationship between stablecoin and Mexican peso as keeping the stable value in cryptocurrency without having to step back in fiat currency “Explains Moneta.
In its first phase, MMXN will be geared towards buying and selling cryptocurrencies with an initial amount of one thousand pesos.
We are happy to announce our partnership with @mexo_io that makes it easier to access #MMXNStablecoin to all users in LATAM, available on its platform from Thursday.
Join the event on June 17th at 7:30 p.m. https://t.co/FvLsQgIEU1
– MMXN_Moneta (@MMXN_Moneta) June 15, 2021