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New Listing: Rupiah Token (IDRT)
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Liquid is pleased to announce the listing of Rupiah Token (IDRT). Although Liquid no longer supports Indonesia Rupiah, Indonesian users can now use IDRT as an alternative option to fund their account with Indonesian Rupiah.
IDRT is now available for deposits, trading and withdrawals. BTC/IDRT is live for trading now.
What is IDRT?
IDRT is the first stablecoin aiming to mimic the value of the Indonesian Rupiah. It is issued by Indonesian-based startup ‘PT Rupiah Token Indonesia’ and is the first stablecoin that is backed 1:1 with Indonesian Rupiah (IDR). IDRT is an ERC-20 token, therefore benefiting from the speed, security, scalability, transparency and all other features of the Ethereum network.
The main target market of IDRT is Indonesian cryptocurrency traders who want to utilize global cryptocurrency exchanges with the option to mitigate risk and hold their money in a stablecoin based on their local currency.
Why IDRT on Liquid?
Since Rupiah Token intends to mimic the value of Indonesian Rupiah via IDRT, Liquid can once again cater to Indonesian cryptocurrency traders by offering Indonesian Rupiah support through IDRT.
IDRT provides Liquid users the opportunity to use IDR directly to purchase and receive IDRT on Liquid in a matter of minutes.
In essence, this new listing enables a new fiat on-ramp into Liquid, noting that users will receive IDRT, not IDR on Liquid.
It’s not a one way street either. Rupiah Token enables users to swap IDRT 1:1 for IDR and withdraw directly to their bank account.
How does it work?
Presently, users can deposit fiat via the Rupiah Token website and provide their Liquid IDRT deposit address during the purchase. The Rupiah Token team will process the fiat deposit and will then deposit IDRT directly into the liquid account address. Users must be KYC'd on the IDRT website to do this.
We are currently working on Rupiah Token integration which will streamline the IDR deposit process. Once complete users will be able to purchase IDRT with IDR without leaving the Liquid platform.
How is IDRT kept stable?
IDRT is a collateralized stablecoin based on the Ethereum blockchain that is backed 1:1 by IDR fiat deposits. The Rupiah Token website guarantees that one can always convert 1 IDR into 1 IDRT and vice-versa, helping to maintain a stable trading price.
For each IDRT created, 1 IDR (fiat) is stored in a designated bank account. When IDRT is redeemed back to IDR, the equivalent amount of redeemed IDRT is burnt to remove those tokens from the supply. This ensures that the entire IDRT supply is backed 1:1 by IDR. You can view the monthly bank records for proof here.
The Rupiah Token team collaborate with third-party market makers and independent traders to help ensure IDRT price mimics the Indonesian Rupiah.
If you’re new to Liquid you could win 50,000 IDRT. From 20th January to 7th of February users who sign up using IDRT affiliate code and KYC on Liquid will be entered into a competition to win 50,000 IDRT. There will be 100 winners!
Liquid will airdrop a 50,000 IDRT to 100 lucky new users who successfully register and complete the KYC process from 20th January until February 7th, 2020.
All new users need to do is:
- Sign up for an account on Liquid by using the IDRT affiliate code
- Complete KYC verification successfully.
- Liquid will send an email to the 100 lucky winners with details on how to receive your prize after February 7th 2020.