On 21st September, Bit Trade, an Australian cryptocurrency exchange platform announced its partnership with Emparta, a blockchain company that provides infrastructure for employment. Through this collaboration, Bit Trade and Emparta aim to build and launch the first Australian dollar-backed stablecoin.
Stablecoins are digital currencies that are pegged to a stable asset such as gold or fiat currencies like the US Dollar. Tether [USDT] is another cryptocurrency that is a stablecoin which is pegged to the US dollar. Jonathon Miller, the Managing Director of Bit Trade on the Bit Trade website 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.”
The introduction of stablecoins allows investors to invest in digital currencies without the fear of losing steady returns due to the volatility of the cryptocurrency market. This is because stablecoins are pegged to the classic fiat currencies, so investors don’t have to be fearful of volatility. Stablecoins also improve transaction speeds.
The official blog stated:
“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.”
Ballsacul, a Redditor stated:
“As long as the devs/crooks that ran ‘Aus Coin’ aren’t involved, it should be okay, lol.”
JakubH, another Reddit user 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.”
Bit Trade is a blockchain asset investment and portfolio management platform that caters to Australian users to especially buy and sell Bitcoin and Ether.
Emparta, founded in 2018, is a platform that provides infrastructure for trustless smart contract employment in cryptocurrency. The organization aims to tackle the issue of employment essentially making it easier for employers and job seekers to network and access seamless payment solutions.
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