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Don’t Miss the REAL GROWTH STORY: Stablecoins are KEY to Crypto Adoption!
The great thing about reading the financial news every day is that sometimes you can actually see the future as it’s unfolding. For instance, most of Facebook’s 2.38 billion users don’t yet know about the Libra coin, but they’ll know about it soon enough – and many of them will be using Libra, but they don’t know it yet.
That doesn’t mean that I’m loading the boat on Facebook stock right now; it’s perfectly fine if you want to buy FB shares and hold them for the long-term, but I personally don’t see Facebook as trading at an attractive valuation right now, and I prefer to only buy stocks that I see as being temporarily undervalued.
The financial media is buzzing about the Libra project now and they’re absolutely right to do that, but they’re missing the most important part of the story: Libra isn’t Bitcoin. It’s a stablecoin, meaning that it’s backed by a reserve of real-world assets. In the specific case of Libra, it will be backed by bank deposits and short-term government securities.
Don’t get me wrong: I’m still bullish on Bitcoin. After all, it’s the mothership of all cryptocurrencies and as the world moves towards a cashless and borderless payment system, I envision Bitcoin as a driving force in the new inflation-resistant monetary paradigm.
But that could take a while, and right now it’s all about pushing for crypto adoption – and stablecoins like Libra will play a substantial role in retail and institutional cryptocurrency adoption. Because (as the name implies) stablecoins are more stable and less prone to volatility and wild price swings, they’ll be instrumental in the mainstreaming of cryptocurrency.
News Coverage of Stablecoins. Courtesy: CB Insights
Some analysts have even said that stablecoins could be more useful than Bitcoin for paying for goods and services or transferring money across national borders. This could be the case, as many stablecoins are backed on a one-to-one basis by mainstream assets like the U.S. dollar, potentially making them more universally accepted.
As the data implies, stablecoins have actually experienced faster growth than Bitcoin in the past year or two. According to research firm Chainalysis, the global trading volume in stablecoins surged from $12.5 billion in 2017 to around $82 billion 2018. Of course, next year’s launch of the Libra coin will increase those numbers exponentially.
This leaves little doubt that more and more companies will follow Facebook’s lead in launching their own stablecoins as a simple, stabilized, scalable, and secure vehicle for moving money and making transactions. And let’s face it: not all businesses are prepared to accept a currency like Bitcoin, which could lose or gain 10% or more in a single day.
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For large companies to create their own stablecoins, they need experts to help them build out a blockchain, create the tokens, and work with the complex maze of laws and regulations surrounding cryptocurrency. I’m only aware of one publicly-traded company, ICOx Innovations Inc. (TSX.V: ICOX, OTCQB: ICOX), that performs all of these vital functions.
ICOx already has an impressive track record of empowering large companies to create their own proprietary, branded digital assets. Their roster of clients includes KODAKOne, cryptocurrency payment platform BitRail, the huge firearm dealer GunBroker.com, and the faith-based financial transaction solution provider Cathio.
In a very recent development, ICOx subsidiary Cathio entered into an agreement with Kambista, the first FinTech currency exchange platform in Peru. Kambista is famous in Peru for providing the citizens and businesses with a chance to exchange U.S. Dollars to Peruvian Soles at a competitive rate through online transactions.
In Peru, where more than 80% of the population is Catholic, acquiring a deal with Kambista is a major coup for Cathio and ICOx, as well as for the citizens of Peru, where people earn their income in Peruvian Soles but require U.S. Dollars to transact on items like mortgages, the purchase of cars, travel, and even for savings.
Under the terms of the proposed agreement, Cathio (assisted and guided by ICOx) will build and test a remittance platform with Kambista whereby individuals and organizations will be able to quickly and easily transfer funds from the U.S. to foreign countries. This will be life-changing for Peruvian people and businesses and could be the beginning of a much larger transformation throughout Latin America.
As you can see, ICOx is at the core of the next wave of cryptocurrency and stablecoin adoption. The hope of a better financial ecosystem lies in the promise of greater stability, access, and transparency – and right now, ICOx is delivering on that promise.
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Disclaimer ICOx Innovations Inc. (the “Company”) for Forward-Looking Statements
This article contains forward-looking statements. All statements, other than statements of historical fact that address activities, events or developments that the author believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements in this article include statements regarding: the number of cryptocurrency wallets that will be created as a result of the introduction of Facebook’s digital coin; the effect of Cathio on the adoption of cryptocurrency; the number of people who will have access to blockchain technology as a result of Cathio’s efforts; the likelihood of The Dominican Foundation, Christendom College, The Trinitarian Order, The Center for Evangelical Catholicism and other faith-based organizations using Cathio for payment processing and donations; the Company’s expected remuneration and equity stake for services provided to Cathio; the ability of Kambista S.A.C. to provide a payment system linking Latin America to the United States and other countries; and the Company’s role in advancing blockchain technology through the Cathio project and the corresponding benefits to Cathio and the Catholic Church.. The forward-looking statements reflect the author’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements. Although the author believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Factors that could cause actual results or events to differ materially from current expectations include: changes in growth and size of cryptocurrency and blockchain technology market; attitude of corporations toward cryptocurrency and blockchain; business and consumer acceptance and adoption of cryptocurrency as a viable means of payment globally and in Latin America; the extent to which blockchain technology will be internationally implemented; the continued growth and success of Kambista and Cathio; potential changes for retail transactions involving cryptocurrency; the preferences of members of the Catholic Church to use app-based payment methods; changes in market conditions and other factors beyond the control of the Company.
This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.
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