Bitpapa Lists CryptoRuble for Trading

The P2P marketplace Bitpapa has commenced trading of the CryptoRuble (RUBT). This was announced by Exved CEO Sergey Mendeleev on his Telegram channel.

According to him, the platform did not need to enter into any agreements with the coin’s developers to do so.

“Any service can integrate the CryptoRuble without asking anyone, gaining instant access to numerous fiat cash points across the country, as well as a gateway to USDT,” wrote Mendeleev.

In turn, holders of the CryptoRuble gained access to all digital assets available on Bitpapa.

In a comment to ForkLog, Mendeleev stated that the total daily trading volume of RUBT is approximately 10 million rubles.

The tokenized CryptoRuble, based on the Ethereum blockchain, is an independent payment tool, not linked to the central bank’s developing CBDC.

The token is issued through a decentralized smart contract with over-collateralization following the DAI model. Its rate is pegged to the national currency at a 1:1 ratio.

According to Mendeleev, the CryptoRuble is a universal fiat replenishment code that any project can use by implementing its acceptance and issuance on their platform.

The total issuance of the asset depends on the amount of collateral provided by three dollar stablecoins — USDT, USDC, and DAI.

The development of the CryptoRuble project began in September 2022.

In January 2024, the creators of the coin signed their first listing agreement with the cryptocurrency exchange ABCex.io.