TL;DR: SLP token exchange Cryptophyl is set to airdrop 3,000 USDH, a regulatory-compliant stablecoin (HonestCoin). It will happen over two promotions, the first of which is scheduled for 14 September. The campaign intends to reward users who participate in the first market of its kind, a Bitcoin Cash/USDH base-pairing, already live on the exchange’s platform.

SLP Exchange Cryptophyl Airdrop

“Stablecoins have and continue to be a topic of controversy within and beyond the cryptocurrency community,” Crypotphyl founder Semyon Germanovich explained to CoinSpice. “We carried out extensive and thorough due diligence on the commercial structure and partnerships of HonestNode, the company behind HonestCoin. We were satisfied with what we discovered and will be providing a full due diligence report shortly.”

As the HonestCoin website noted, USDH is “a digital currency that is steadily exchanged with the US dollar for 1:1 and is fully regulated by the US government. With USDH, the flow of assets is safe, efficient, and low-cost, all without hindrance,” according to a rough Google translation. Other translations suggest the coin is regulatory compliant, and not in fact regulated in the traditional sense. It is already traded on exchanges such as CoinEX, Koi Trading, and SideShift AI.

“Not only have they ensured that their business model is regulatory compliant from an early stage,” Germanovich continued, “they’ve selected the best technology currently available for peer-to-peer, electronic transfers of tokens: Bitcoin Cash. The scalability, cost and speed advantages offered by Bitcoin Cash provide an optimal platform for payments.”

BCH/USDH Trading Live

The London-based SLP token exchange has already made BCH/USDH trading live, and insists USDH is set to be a base pair for new listings on Cryptophyl. After the first airdrop on the 14th, the remaining 1,500 USDH will be given to Cryptophyl Drop token holders. Drop token (DROP) is native to the exchange and is “itself being distributed in an airdrop to exchange users,” according to the company.

Cryptophyl also emphasized how it “is an exchange fully dedicated to Bitcoin Cash token technology, with the mission to partner with, grow and list the best SLP token projects, with a focus on the European market,” with a bias toward real-world utility. The exchange is lead by Germanovich, founder & CEO, and Jamahl McMurran, Head of Growth. Both were part of the ambitious and ultimately ill-fated Voltaire.cash exchange, which launched back in late 2018 during a deadly storm: a bottoming-out cryptocurrency market and a brutal Hash War.

But the team has remained positive and bullish on things Bitcoin Cash, and seem to be buoyed by innovation happening on the SLP token platform. “It’s fantastic to see the SLP token economy growing day-by-day,” Germanovich stressed. “Furthermore, by offering a BCH/USDH market, we now provide an option for merchants to alleviate volatility risk whilst never having to leave the Bitcoin Cash blockchain.”

DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.

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