The crypto economy increasingly sees Bitcoin as a form of digital gold. Primarily, this is because of its use as a store of value rather than as a means of payment. But it’s also because the volatility of cryptocurrencies increases the risk of using them as a means of payment. Thus, the emergence of a stable coin can cover the gap between traditional banking systems and the cryptocurrency market. The Australian dollar backed stable coin, AUDF, was jointly launched by Blockchain Global with Collinstar Australia, Xinying Pty Ltd, and Flying Cash. It’s officially open for registration as of today, marking the launch of the first stable coin AUDF, which is backed by AUD.
Australia’s Stable Coin AUDF Already Seeing Traction
Before AUDF, cryptocurrency backed by the Australian dollar remained non-existent in the market. As Australia’s first AUD-backed stable coin, support for AUDF is evident by the engagement of its large user base. In fact, the first transaction of 100,000 Australian dollars has already taken place.
Flying Cash indicates that it would aim to serve customers with global demand for Australian dollars. They will also work with several exchanges to launch AUDF in the future. The reserve is held by an independent, local Australian trust and is audited monthly by a leading accounting firm. In this way, they ensure transparency and security for all funds.
As a leading multi-national enterprise with a vision to uplift trust throughout the digital spectrum, Blockchain Global focuses on commercializing blockchain technology through a venture builder model. To this end, the company has acquired controlling stakes of several listed companies, including DigitaX, First Growth Funds, and Genetic Technology. Backed by industry IPs and know-how, the company licenses and maintains the industry’s leading white-label asset exchange solution, with its IP powering platforms like the NEM Exchange and ACX.io.
With offices in Melbourne, Perth, New York, Kobe, Kuala Lumpur, Shanghai, Suzhou and Dalian, Blockchain Global plays a vital role in supporting the blockchain ecosystem through its developer house and management consulting.
Established in 2014, CollinStar is a premier asset management company specializing in:
- Blockchain infrastructure
- Digital currency investment
- Relevant consulting services
Operating as the interface for investors and FinTech innovators to collaborate and interact, CollinStar Capital provides entrepreneurs with deep insights into the Blockchain revolution and ICO development process. CollinStar Capital has established one of the largest Blockchain asset funds in the Asia-Pacific region.
Xingying Foreign Exchange
The Xingying Foreign Exchange is a specialist provider of foreign exchange services, offering customized service packages for international students, importer/exporters, immigration services, investors, and entrepreneurs. Furthermore, Xingying Foreign Exchange is a registered independent remittance dealer with the Australian Transaction Report and Analysis Centre (AUSTRAC).
|Disclaimer: This is a sponsored post. Do not interpret this information as an endorsement of cryptocurrency or any specific provider, service or offering. As such, it is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. Additionally, you should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision. Lastly, Cryptocurrency Australia Media, or the author, may have holdings in the cryptocurrencies discussed.|