Bit Trade To Launch Australian Dollar Pegged Stable Coin
The crypto market has seen numerous stable coins, pegged to the greenback, being launched in the recent past. The stable coin to be introduced on Stellar network, with the backing of IBM, and Gemini’s stable coin are notable examples. Tether, although surrounded by controversies, leads the stable coin market. Now, the concept has been extended to currencies of other developed countries.
Australian cryptocurrency exchange Bit Trade has entered into a partnership with Emparta, a blockchain-powered business that offers employment infrastructure. Under the partnership, Bit Trade and Emparta will develop and launch an Australian dollar pegged stable coin.
As the word indicates, Stablecoins are cryptocurrencies which are pegged to the price of a stable asset such as gold or fiat currencies such as the US dollar.
Regarding the advantage of stable coin, Jonathon Miller, the Managing Director of Bit Trade stated
“In essence, stablecoins bring the benefits of blockchain technology like transparency, security, and immutability without losing the assurances of trust and stability offered by fiat currencies.”
Stable coins permit investors to retain the gain when there is a price correction in the market. Furthermore, it avoids the need to enter and exit the market often, allowing quick response to variations in the market. Ultimately, this gives confidence to invest in the crypto sector.
Bit Trade’s official blog stated as follows:
“We believe that stablecoins will boost trust, accelerate wide-spread adoption, and could function as the backbone of blockchain-based financial applications, especially here in Australia given the favourable regulatory environment.”
Commenting on the launch, Ballsacul, a Redditor opined as follows
“As long as the devs/crooks that ran ‘Aus Coin’ aren’t involved, it should be okay, lol.”
Another Reddit user JakubH said
“I wouldn’t touch it. Thank God I moved my AUD to EUR couple of years ago. Unfortunately, Australia is currently nothing more than China’s bitch. If the Chinese economy slows down the Aussie one will crash and burn.”
The blockchain asset investment and portfolio management platform Bit Trade primarily serves Australian users to transact in Bitcoin and Ether. Established in 2018, Emparta provides the infrastructure for trustless smart employment and a simple option to receive salary payments in cryptocurrency.
Regarding the service Emparta says
“Onboarding is easy with Emparta. Our infrastructure empowers employers and job-seekers with instant onboarding and optional payments in cryptocurrency, allowing businesses to identify, select, and onboard employees in minutes—rather than weeks. The Emparta infrastructure can be used by third party platforms to provide their users the benefits of smart employment on the blockchain. It offers heightened data security, assures compliance with local hiring laws, and automates payments in crypto or fiat. Employees don’t even need a bank account!”