- To help Australians cushion the effect of crypto volatility.
- Bit Trade hopes the Aussie dollar-pegged stablecoin will be used in paying rents, remittance, as a store of value and more.
- The team firmly believes the Aussie dollar-backed stablecoin will enhance trading and wealth management in Australia.
Bit Trade, a highly reputed cryptocurrency trading platform based in Australia, is partnering with Emparta, a blockchain-powered employment platform, to develop Australia’s first Aussie dollar-backed stablecoin, according to a news release by Bit Trade on September 21, 2018.
Bit Trade- Emparta Aussie Dollar Stablecoin to Foster Transparency, Immutability & Security
Bit Trade, one of the largest and oldest cryptocurrency trading platforms in crypto-friendly Australia, is working with Emparta, a distributed ledger technology-based employment and employee onboarding platform, to develop and launch Australia’s stablecoin.
The team has hinted that it sees unending opportunities and various use cases for the Aussie dollar-backed stable cryptoasset.
Bit Trade believes that that the stablecoin will boost trust, foster widespread adoption and would ultimately function as the solid foundation for distributed ledger technology-based financial applications in Australia and other parts of the globe.
If all goes according to plan, Australians will be able to use the stablecoin in settling a vast array of recurring payments including rents, remittance and more.
Also, businesses that shy away from digital currencies like bitcoin, ether and other altcoins due to their volatile nature, will now be able to accept the Aussie dollar-backed coin without fear.
Additionally, the team claims its stablecoin will enhance trading and wealth management in the region as stablecoins show fluctuations in fiat currency, offer arbitrage opportunities, stability, as well other essential benefits of blockchain technology like immutability, security, and transparency.
Launched in 2013, Bit Trade is one of the oldest cryptocurrency exchanges in Australia. The platform claims to empower users with the necessary knowledge and tools to trade blockchain-based virtual currencies.
Bit Trade also offers clients Over-the-Counter (OTC) trading and crypto portfolio management.
The firm services Trust Funds, hedge funds, family offices, and other institutional investors.
Stablecoins Craze Steadily Gaining Momentum
Due to the unpredictable nature of the price of bitcoin and other digital assets, startups in the cryptospace have started launching own stablecoins to help them escape the negative volatility.
As reported by Blockchain Reporter on September 11, 2018, Gemini cryptocurrency trading venue, an exchange owned by the Winklevoss twins, launched the Gemini Dollar, a stablecoin entirely backed by the United States dollar.