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Tron’s Justin Sun: Tron-Tether partnership is going to leave Omni in the dust

Namrata Shukla



Tron's Justin Sun: Tron - Tether partnership is going to leave Omni in the dust
Source: Pixabay

Tron Foundation has always played a crucial role in maintaining the market sentiment in favor of their TRX token. Recently, Tron announced a partnership with Tether, the stable coin, that will launch USDT as a native token on the Tron blockchain in Q2 2019.

Justin Sun, the Chief Executive Officer [CEO] and founder of Tron foundation, shared the news and said that having Tron’s own stablecoin will benefit their ecosystem and make it easier for institutions to access the Tron blockchain. In a recent interview released by the foundation, the CEO highlighted the reasons as to why the “Tron and Tether partnership is going to leave Omni in the dust”. Omni, a platform for creating and trading custom digital assets and cryptocurrencies, has been held as a standard by Justin Sun to influence the community.

Sun explained that the pairing of Tron token with USDT [TRX/USDT] will minimize risk and volatility of the cryptocurrency market. Sun spoke about the value of USDT and added that the largest stablecoin in the industry has almost 2 billion assets on the USDT tether blockchain.

The CEO also addressed the swift and instant transactions carried out on Tron blockchain, which was also free for users. However Omni, in comparison to Tron, takes hours to complete a transaction and charges about $1 to $10 as fees. The CEO also claimed that Tron’s blockchain was smarter than Omni. Tron stated:

“TRC20 token is based on the smart contracts, so you can do lots of the deployment work on top of the USDT, which Omni blockchain cannot offer.”

The founder of the Tron foundation then moved on to talk about the benefits of TRX/USDT pair and listed four advantages:

“First of all, USDT Tron will offer the liquidity in Tron decentralized exchange. Second, USDT Tron will offer TRX holder, a new way of value storage. Third, USDT Tron will provide the DApp users, a new way to play DApps, which also minimize the risk of the cryptocurrency. Fourth, USDT Tron will give Tron blockchain new legitimacy and the increase the confidence of the institutional investor in that show.”

The CEO concluded that these benefits would be helpful for both Tether and Tron communities, giving them more opportunity in the decentralized world of finance. Along with Sun, Jean-Louis der Velde, the CEO of Tether, also aimed to further innovation within the cryptocurrency space. The CEO was quoted saying:

“We are pleased to announce this collaboration with the Tron Foundation. This integration underlines our commitment to furthering innovation within the cryptocurrency space as we continue to anticipate the needs and demands of the digital asset community.”

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Rabobank announces plans to drop its crypto-project

Sarvesh Kumar



Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.

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