AltcoinsSpotlight

Australian Stablecoin Will be Setting Foot in the Market Soon

Novatti is an Australian company that provides payment services and processes online payments of its user. In the very recent, the company announced that it will be launching an Australian stablecoin pegged to the Australian dollar (AUD). Stellar network will be used to launch the stablecoin that is named as the Novatti AUD Utility Token. Novatti made an announcement on the conference in Las Vegas that depicted the launch of Australian stablecoin. Novatti further revealed that its stablecoin would be launched on 19 November 2018.

By pegging the stablecoin to the national currency, the company is looking forward to prevent the fluctuations in the price of the stablecoin. David Gokhshtein, an entrepreneur, influencer, crypto enthusiast and most importantly, a crypto bull, suggests stablecoin investment to the people. Upon asking if people were better off with the stablecoins for making huge profits, he told BlockPublisher:

Absolutely. That is probably perfect for those who don’t have the patience to play the markets.

Novatti would be using its subsidiary, Flexewallet, for launching the stablecoin. All the reserves encompassing the stablecoin would be stored and managed by the Flexewallet.

Novatti, who serves to customers such as Voc Telecom and MoniSend, has attracted many with its upcoming stablecoin. The manager of the company explains that as Novatti’s stablecoin requires KYC checkpoint, it has become the center of focus and attention for many.

The network used for the stablecoin, Stellar, has served as a platform for many other cryptocurrencies in the past as well. Previously, Stronghold had collaborated with IBM blockchain to launch their stablecoin, Stronghold USD, through the Stellar network. Stronghold is pegged to US dollar and can be exchanged against the USD.

Besides this stablecoin by Novatti, another stablecoin pegged to the Australian dollar is announced to be released by the month of November 2018.  Bit Trade and Emparta have collaborated to launch this stablecoin.

In the past, Venezuela was seen in associations related to launching its stablecoin. Now, Australia has made its move to launch a stablecoin that is pegged to its national fiat, AUD.

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Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Email: fatir@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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