China peer-to-peer lending platform Yuanbao.com has reached an agreement with cryptocurrency payment service provider Gempay to make Chinese altcoin YBCoin available through its payment platform.
YBCoin is China’s first digital currency, which was developed by bitcoin enthusiasts from Tsinghua University who became Yuanbao. YBCoin exclusively employs VPOW+POS mining mechanism, which its founders say can effectively control inflation and system capital leakage. Total circulation of YBCoin is three million. After initial issuing, except for the annual 1% POS interest, there will be no new coin production, according to the team behind YBCoin.
Before the deal with Gempay, YBCoin’s could be bought and sold on Yuanbao’s trading platform. But Yuanbao also announced recently that it had formed a collaboration with Hong Kong firm Bitexchange ATM to make YBCoin available through ATM machines.
Yuanbao through its partnership with Gempay hopes to promote the use of YBCoins overseas and increase awareness among Gempay’s domestic user base.
Yuanbao started offering fiat currency-based peer-to-peer (P2P) loans last years. Borrowers must leave bitcoin, litecoin, or YBCoin as collateral.