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Four of the largest global cryptocurrency exchanges are conducting a round of investment in a new stable currency based on e-commerce. Investments come when stable currencies become the most popular projects in the cryptocurrency sector.
The $ 32 million fundraising round of the stable currency Terra was led by Binance Labs, OKEx, Huobi Capital and Dunamu, Upbit's parent company. Earth, the last stable currency to receive the most support from businesses, is led by the founder and president of TicketMonster, Daniel Shin.
In particular, the Terra investment round is the first to receive support from competing exchanges, and also includes investments from other major investment groups, including Polychain Capital, FBG Capital, Hashed, Kenetic Capital, 1kx and Arrington XRP.
Stable currencies continue to gain popularity among lead-related concerns
Following the enormous volatility of cryptocurrency markets began In late 2017 and until 2018, people began to turn to coins stable to avoid the daily volatility of the market and even to profit from price fluctuations. The most popular of these coins is Tether, although this currency is shrouded in controversy, which has led to the rapid rise of competing alternatives.
The main concern surrounding Tether is the creation of coins, which some argue may be artificially used to manipulate markets, print more coins when the market is falling, even if Tether does not have the corresponding funds in its reserve.
Cryptocurrency investors were extremely worried by the start of 2018 that Tether would have had less money than they had Tethers, which would cause major market problems. These concerns have largely eased, but since then an abundance of stable competing currencies has emerged.
Such a stable currency that was adopted by the US-based exchange, Bittrex, is TrueUSD (TUSD), which is fully compliant with global regulations as it requires all users to complete strict KYC / AML procedures. In addition, TUSD regularly issues certification reports from Cohen & Co. to show that all outstanding TUSD is in fact supported by USD.
Rafael Cosman, CEO of the parent company of TrueUSD, TrustToken, explained the support of TUSD, saying:
"Every TrueUSD is always completely collateralized by US dollars and kept in a guarantee account of a professional trust company … Our smart contracts, which are subject to public claims, minted TrueUSD when US dollars cancel the escrow accounts, then we burn TrueUSD when US dollars are redeemed to ensure a 1: 1 ratio of outstanding TrueUSDs and the US dollar in deposit accounts. "
Another notable currency and notoriously supported by the mining giant Bitmain is Goldman Sachs. USDC's stable currency of Circle. This stable currency is designed to be a digital alternative in USD that offers all the advantages of cryptocurrency, such as speed, security, etc. At the same time offering a stability that is lacking in traditional cryptocurrencies. The CEO of Circle, Jeremy Allaire, spoke about USDC, saying:
"It is a version of fiat that can move at the speed of the Internet with global reach, with much lower costs, with high levels of security. for how the fiat money transmission can work all over the world for consumers and for companies that might want to collect digital payments with tokens. "
Stable currencies are fast becoming the next big thing in the encrypted markets, although due to of their lack of volatility, only companies that invest in seed rounds can profit from it. In particular, stable currencies have raised hundreds of millions of dollars from large companies, making them one of the most popular investment prospects in the crypt.
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