Published on September 22, 2018
slide 1: Plans Have Been Made to Introduce Stable Coin Pegged for Australian Dollar ■ Two crypto players a crypto exchange and a blockchain company are planning to issue the Australian first stable coin. ■ The stable coins are usually pegged for the fiat currencies and these stable coins are pegged for the Australian Dollar. ■ The key requirement of these stable coins is they have the fiat currency reserves to redeem the fund when required ■ Emparta has been in discussion with the partners and regulators and the coin will be likely launched in 2019. Two key domestic crypto updates players are partnering in order to launch a stable coin which has been backed by the Aussie Dollar. slide 2: The two companies that are joining for this project are Bit Trade domestic crypto exchange and Emparta an employment platform based on the blockchain. The advocates of these stable coins are stating that they are providing the quirks of cryptocurrency like speed transaction without any underlying volatility. The main reason for the lack of volatility is because these stable coins are directly pegged for the Australian dollar and so there won’t be any big price changes and swings which are usually experienced in the crypto market. The first stable coin was launched by Tether and it was the most controversial coin. It was pegged to US dollar but most of the people are not convinced that the Tether have the backup of US dollars in real. According to the Insider the chief officer of Emparta has stated that the domestic stable coin won’t be similar to Tether as this is a fully redeemable project based on requirement. Emparta is still working on the prototype and the original stable coin won’t be launched till next year. There is a need of so many approvals in order to bring in the stable coin and Hill has been in talks with the officials and regulatory bodies. Earlier the same happened in US. A stable coin was backed up with one of the giant bank State Street and the situation about the banks in Australia dipping their toes into the cryptocurrency markets is yet to be known. Hill also stated that they didn’t have any discussion with four big banks of Australia but so many small banks are interested in this project. This custody solution is very important and it is the basic requirement as there should always be liquid fiat currency to back up the cryptocurrency. Emparta CEO Adam Sarris said that their stable coin has been designed for the redemption based on cash and has a treasury backed up with fiat currency. The parties also stated that they have already received the interest from so many other domestic exchanges who are interested to offer the coin. Bit Trade managing director Jonathon Miller said that the volatility in cryptocurrency is the main reason why the stable coin became more famous and is appreciated globally. slide 3: Unicorns Accepting Crypto Payments Shows Blockchain is Not a Fad There is a significant increase in the number of reputed companies accepting payment in cryptocurrencies from the end of the previous year. Companies like PayPal and Overstock are prominent amongst them. This acceptance has boosted confidence in the blockchain community and pushed it forward to the mainstream despite the current fall in the market. Integrating cryptocurrencies for payments these companies are providing huge support and stable base for blockchain to take part in the long run. In recent announcements by crypto updates a publicly transacted unicorn is now opening its doors for payments in cryptocurrencies. It allows sole proprietors and small businesses to create websites and for this service they will now accept payment online using cryptocurrencies beside another slide 4: mode of payment. PumaPay is Blockchain based payment enterprise which is taking care of this whole integration process. It raised around 120 million in private sale. Apart from Wix users who will be able to pay in crypto the customers can also pay in tokens. The websites created by the Wix users will possibly include payment options in cryptocurrencies. The beginning of 2018 marked a super high phase cryptocurrencies and blockchain market. However the previous six months has been entirely sluggish. Thus following this fall in the blockchain world digital assets backing the cryptocurrencies and integrating them for mainstream payment seems trembling for many. Users and investors are becoming more apprehensive about the place of crypto in the mainstream and about its consistency in the future. A portion of crypto-enthusiasts says that the hype for blockchain is dying as it started showing its temperamental characteristics. Another part asserts that all this uproar regarding tech deals are before settling into the channel. On the release of “2018 Hype Cycle For Emerging Technologies” Gartner gave its view addressing digitalized ecosystem as one technological evolvement which will provide the enormous magnitude of competitive benefit over the upcoming decade. It estimates that it is just the beginning and billions of things will have a digital clone in the next five years. Supporting Gartner’s anticipation the research company stated this technological evolution would need a more dynamic ecosystem and backing from novice technical foundations. It is because the startups are willing to take more risk related to the emerging technologies. This is why not only Wix’s users can adopt or keep off the cryptocurrencies but their customers can choose the way and whether they want to use crypto or not. Yoav Dror PumaPay’s CEO said that this is a tool for payment for the users and also for their customers who want to pay for subscriptions using tokens. This is an excellent step in making blockchain and crypto famous to the world. He added that there are different payment options or billing scenarios according to the business strategy. This ensures immediate settlement of the transactions reducing fines and chargebacks. Reputed companies like Unicorn Facebook etc when joining hands with blockchain technology boosts the blockchain community as a whole. Even though the market has dropped from last year but it is still raging high than most of the other markets. And in 2019 hopefully the startups and enterprises will take up and integrate more with crypto and blockchain world.