By CCN: Stablecoins on the surface might seem boring. After all, most don't come with the volatility that's inherent with most cryptocurrencies, especially bitcoin, and therefore have an entirely different risk/return profile. Stablecoin Tether (USDT) has been an exception to this rule after it lost parity with the U.S. dollar last year amid questions about its reserves. Make no mistake, however...
By CCN.com: Canadian cryptocurrency exchange Coinsquare has announced plans to launch a CAD-pegged stablecoin. To be known as the eCAD, the stablecoin will be exchanged for the Canadian dollar on a 1:1 basis.
The eCAD is expected to breathe life into Canada’s crypto markets and beyond according to Coinsquare’s CEO, Cole Diamond:
We’re all still thinking like regular crypto heads when it comes to what Facebook’s Mark Zuckerberg has up his sleeve with his stablecoin. The Zuck’s not thinking about just creating his own crypto. He wants to replace the U.S. dollar according to Ted Livingston, who’s developed the reputation of being ahead of the industry in making predictions. Livingston is the founder and CEO of messaging...
Japan-based GMO Internet Inc. (TYO: 9449) incurred an operating loss of ¥1.3 billion (~$11.75 million) in the fiscal year 2018. The IT company published its financial performance on Tuesday, saying that its cryptocurrency verticals, including a bitcoin exchange and mining business, posted circa $74.44 million worth of net sales. The report clarified that while its exchange business was able to...
When merchants started introducing bitcoin and similar digital currencies as one of their payment methods, they quickly encountered a significant problem: price volatility. There were instances like a luxury item dealership, which used to accept bitcoins for their products but saw the value their Ferrari cars jump by almost 33% during a test run. The company, dubbed as The White Company, later...
On December 13, Frank Chapparo at The Block reported that Basis, a crypto stablecoin project that raised around $133 million in April, is terminating its operations and is in the process of returning the capital it raised to its investors. The project was funded by some of the largest venture capital firms in the technology space including Andreessen Horowitz and Bain Capital Ventures, a private...
Bitfinex recently moved toward “Tether neutrality,” breaking its special bond with Tether (wherein it was the most reliable way to redeem USDT for USD) and in turn, Tether, with nearly $2 billion it outstanding units, had to re-establish direct redemption for USDT holders to USD. Those still wanting to use the Bitfinex method will have to trade at normal rates, which are frequently not-quite...
Several months ago, crypto exchange Gemini made waves when it announced that, with permission from the New York Department of Financial Services (NYDFS), it had created a USD-pegged cryptocurrency “stablecoin” that would provider traders and institutions with a “regulated” alternative to tether (USDT), which was frequently the subject of controversy despite having a multi-billion dollar market...