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Gemini Dollar (GUSD) Stablecoin Now Supported by CoolWallet S – Here’s How to Use It

CoolBitX is proud to announce that the CoolWallet S now supports Gemini Dollar (GUSD).

We now officially offer our users four leading ERC20-based stablecoins , namely Gemini Dollar (GUSD), Circle Dollar (USDC), TrueUSD (TUSD) and Dai (DAI).

In addition, CoolWallet users can also store Tether (USDT), while Paxos (PAX) can be manually added as an ERC-20 token (and should be officially supported soon).

Let’s take a closer look at GUSD, Gemini, stablecoins in general and finally, how you can send and receive Gemini Dollar and trade it by using our integrated Changelly feature on the CoolWallet S (please scroll down to the bottom if you’re in a hurry!)

What is the Gemini Dollar (GUSD)?

The Gemini dollar (GUSD) is a stablecoin (1:1 USD) that operates as an ERC20 token on the Ethereum network.

gemini usd dollar

GUSD helps to minimize price volatility and build a more reliable market environment as a cryptocurrency that has a stable real-world value pegged against the US Dollar.

This regulated stablecoin appeals especially to bigger institutional investors who have stringent requirements that need to be met in order for any assets to be added to their portfolios.

Backed by Gemini Trust

The Gemini dollar was launched in September 2018 and is issued by Gemini Trust Company LLC, based in New York. This company ensures that all Gemini dollars issued and circulated are backed by real USD fiat deposits held at State Street Bank and Trust Company, also in New York.

Each month, a registered independent accounting firm compares Gemini ’s stablecoin circulation against its real holdings in order to verify that USD deposits are at a 1:1 ratio with GUSD.

CoolBitX welcomes first regulated coin on CoolWallet S

Mr. Michael Ou, CEO of CoolBitX, the makers of the CoolWallet S cold storage wallet, said this week:

” This is a major milestone for CoolBitX, given Gemini’s focus on providing users a safe, secure and regulated cryptocurrency experience that is easily accessible to users that are new to crypto or inexperienced.

CoolBitX was founded on these very same principles, and we’re incredibly proud to now support the first regulated stablecoin in GUSD on the CoolWallet S. “

 “Not only can GUSD users now easily manage their holdings securely, but in the years ahead we hope to make daily commercial transactions with GUSD via the CoolWallet S as simple as using any other form of NFC payments technology.”

Michael Ou, CEO of CoolBitX

Gemini “encouraged by key player” CoolBitX’s adoption

Sarah Olsen, Gemini’s head of corporate development, said in a statement:

source: Linkedin

”We’re very excited that the CoolWallet S will support the Gemini dollar. We believe GUSD will be instrumental in the continued evolution of transacting value on the blockchain and we’re incredibly encouraged by its adoption by key players such as CoolBitX.”

Who is Gemini?

Gemini is a pioneering and respected exchange that operates in the United States, Canada, the United Kingdom, Puerto Rico, Hong Kong, South Korea, and Singapore. It was founded in 2015 by the well-known crypto crusaders, the Winklevoss twins.

The company is registered and operates out of New York as a fully compliant digital marketplace that is particularly popular with institutional investors who demand the highest security.

Gemini bridges the gap between the worlds of traditional finance and the virtual currency universe with a professional and refined solution that appeals to traditional investors.

In recent years the exchange has raised its profile by becoming the first licensed ETH and ZCash exchange, as well as the first to offer Bitcoin futures. 

Since 2018, Tyler and Cameron Winklevoss have received wide industry praise for their concerted legal efforts in getting a Gemini-back ETF approved by the Securities & Exchanges Commission (SEC).

ETF stands for “exchange-traded fund”, a collection of digital assets that can be combined and legally sold as one product. This traditional financial solution is considered by many insiders to be the holy grail for crypto that will open the floodgates to the mass market and hasten widespread adoption.

How to use GUSD on the CoolWallet S

The CoolWallet S will automatically load and make GUSD available to its users, creating a seamless experience for GUSD holders. As a result, CoolWallet S owners can now use our app to:

  1. Receive and store their GUSD on their hardware wallet
  2. Send GUSD to other users
  3. Trade GUSD directly via decentralized exchange Changelly.

Why you should use the CoolWallet S to store your GUSD

The CoolWallet S is the first cold storage device to leverage the power Bluetooth as an extra layer of security and convenience for virtual currency users.

This Bluetooth hardware wallet is a strong security alternative for users worried about crypto theft and makes it all but impossible for hackers to penetrate and steal users’ wallets.

The CoolWallet S does this through its sophisticated 2+1 Factor Authentication. This easy-to-follow procedure ensures that users check and confirm their transaction details on both the app and the hardware device (through a screen check and physical button press).

How to enable Gemini Dollar (GUSD) on the CoolBitX app:

Step 1: Open the Coolwallet’s official app, CoolBitX (available on iOS and Android official stores)and tap on Settings

Step 2: Tap on “Coin Display” on Settings

Step 3: Scroll down and enable “GUSD-Gemini Dollar”

Step 4: Return to “Wallet”.

You’ll now see Gemini Dollar enabled in your home screen.

How to Receive GUSD on the CoolWallet S

STEP 1: Open the CoolBitX app and navigate to Receive (bottom menu).

STEP 2: (Important): In the top right corner, click on BTC and scroll down to “GUSD” and select it.


You should now see “GUSD” in yellow at the top.

Remember:

Always make sure you’ve selected the correct currency.

Every currency has its own unique public address, and if you use the incorrect coin’s address, your sent or received funds might not end up at their intended destination.

Step 4: You’ll now see your GUSD wallet’s public address as both a QR code and long alphanumeric string.

Share either of these with the person who will be sending GUSD to you, and voila! You’re done.

Tip: You can also easily create a second wallet address by pressing “Add”.

How to Send GUSD from the CoolWallet S

Step 1: Open the CoolBitX app and navigate to Send (bottom menu)

Step 2 (IMPORTANT): As with “Receive GUSD” (see above), in the top right corner, click on BTC and change the currency to “GUSD”.

Step 3: In the “To” field, enter or paste the GUSD public address of the person you want to send money to. You can also use the “focus” icon to the right of the address box to capture a QR code.

Step 4: Check that your GUSD public address in the “From” field is correct.

Step 5: Check your details and press “Next”. The app will now ask you to confirm the transaction on your CoolWallet S by doing a visual check, and then pressing the button. (remember to connect the CoolWallet with your phone by activating Bluetooth).

CoolWallet S requires a physical verification (button push) to ensure user safety

How to Trade GUSD on Changelly

As you might know, the CoolWallet S has an integrated Changelly feature to help you exchange different cryptocurrencies.

Changelly is an exchange service between different digital currencies and acts as a middle-man between trading cryptocurrency platforms and users..

Step 1: Open the CoolBitX app.

Step 2: Press “Send” and then toggle to “Changelly”.

Step 3: In the “From” box, enter the currency you wish to exchange. For example, if you have BTC that you want to convert to LTC, then enter your BTC public address here.

Step 4: In the “Receive” box, select the currency you wish to receive and the address you want to allocate it to. For example, if you have BTC that you want to convert to LTC, then enter your LTC public address here.

Step 5: Select Next, and as with the “Send” procedure, confirm the transaction on your CoolWallet with a physical button push.

For more assistance, visit our FAQ and support section.

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