After creating a dollar denominated cryptocurrency, Coinfix is setting their sights on several others
Last week,¬†Coinfix announced they had created a new cryptocurrency that would be focused on the dollar, and denominated in it with a 1:1 exchange rate.¬† Now on Nov. 20 the company is ramping up their scope to soon include several other sovereign currencies in their cryptocurrency model.
Blockchain company Coinfix which recently launched a US dollar-backed digital currency called USC, based on smart contract issuance, is considering launching further cryptocurrecncies backed by other legal tender currencies.
Unlike Bitcoin, Ethereum and other cryptocurrencies, USC has a 1:1 exchange for the dollar.
Coinfix is a project aimed at creating stable digital assets. It is based on the blockchain network of Achain, and is dedicated to helping global users solve the problem of convenient circulation of valuable assets.
“USC and other stable digital currencies enable faster, easier and cheaper cross-border transfers,” says Kevin Yu, founder and CEO of USC. Based on the distribution experience of USC, Coinfix will consider issuing more digital currencies with a 1:1 exchange for legal tenders. The vision of Coinfix is to achieve free and convenient circulation of assets. ‚Äď¬†Institutional Asset Manager
The acceleration by both private and public agencies to digitize sovereign currencies into an encrypted form is a reaction by both governments and the banking system to the threats realized by private de-centralized mediums of exchange such as with Bitcoin.¬† And already over in the East, both Russia and China are currently in the process of putting their own currencies onto the Blockchain, especially as China seeks to create a ‘digital Silk Road’ to go right along with their physical one across Asia.
With the volatility, high cost of transactions, and even higher cost of energy now required to mine and use cryptocurrencies such as Bitcoin, it is not surprising that some enterprising company would partner with currencies such as the dollar, euro, and yen and make it easier for consumers to use them worldwide in commerce, but primarily on a digital platform.¬† And with the world rushing headlong into a cashless society, tying cryptocurrencies to already established sovereign ones might attract many more users, especially since the volatility will only be tied to the rise of fall of currencies as they are today.
Kenneth Schortgen Jr¬†is¬†a writer for¬†The Daily Economist,¬†Secretsofthefed.com,¬†Roguemoney.net, and¬†Viral Liberty, and hosts¬†the popular¬†youtube podcast¬†on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.