The much dotted distributed ledger technology and cryptocurrencies have been around for more than a decade now. Blockchain technology has sprouted quite a few use cases since the time it was first introduced. Its utility has not been limited to merely the very first cryptocurrency, rather it has branched out from finance to healthcare systems as well as supply chain management. The security, transparency, and reliability that is offered by blockchain can be availed in many fields, making it an extremely desirable technology. Even with all the hype that was created by the price hike of Bitcoin in late 2017, as we moved further into 2018, the hype died out along with the prices of cryptocurrencies.
Cryptocurrencies were originally pieced together to carry out trustless peer to peer transactions, but they have proved to be quite volatile. The recent price charts have pointed out the highly instability and volatility of the market. This is where stable coins come in. These can be prove to be a wonderful replacement, as they can ensure short time stability. Recently, BlockPublisher got in touch with Alexey Ermakov, CEO and founder of Aximetria, a Swiss financial payment service. Alexey lay emphasis on the status of stable coins by saying:
By far the most striking and promising direction of adaptation of the blockchain and cryptocurrency to widespread are stablecoins – inherently representing ordinary money, but retaining all the advantages of cryptocurrencies – this unique combination of “all is well” and stability of the course makes them the most promising asset and technology for use as in Banking and other directions.
He added on,
Both institutional and retail users have two main problems when using crypto assets – their volatility and various problems when storing or using these assets and / or technologies for business and personal purposes. The issue of volatility is resolved by the stablecoins.
When asked about the current market situation and mass adoption, Alexey told:
“When describing a market situation, many people like to characterize the situation with two extreme provisions. On the contrary, I wanted to note that we in Aximetria do not see either a rush or a panic – we see a constant interest in buying and storing crypto-positives. This interest comes from new users, or those who first got acquainted with crippled assets, or who did not have the opportunity to buy them earlier, because of their high prices, now the conditions for mass adoption seem to us very suitable. Those customers who entered at the peak of value – as we are – unfortunately, it’s good that in the case of crypto assets, it’s not so difficult and you can change your strategy at any time, which you don’t do with long-term deposits in banks.”
Alexey also told the banks have also banking trends have also been changing. He expressed that today, the blockchain primarily allows banks to change. It’s too early to speak about quantitative or qualitative changes or benefits, but the availability of such a technology itself, its availability to all market participants, arising due to competition, will change banking products for the better. Crypto custodial services integrated into a banking showcase – this will be the main trend for banks in 2019.