We can say a lot of great things about cryptocurrencies. They are secure, fast and reliable payment methods. But there is one thing most of them are still lacking: stability. Earlier this year, we’ve conducted a survey asking for your opinion on stablecoins; cryptocurrencies with stable prices. After processing thousands of replies, the message was clear: Crypterium users need stablecoins.
Today, we’re excited to announce the Crypterium Wallet now supports USD Coin (USDC). This is the first stablecoin we’ve added to the app and a big step towards our goal of supporting the most popular and trusted cryptocurrencies in the market.
What is USD Coin (USDC)?
USD Coin (USDC) is an ERC-20 cryptocurrency pegged to the U.S. dollar. For every USDC unit in circulation, a dollar is reserved in a special bank account, ensuring your funds are backed and always redeemable for greenbacks. Unlike Bitcoin or other cryptocurrencies, USDC is a 1:1 representation of the U.S. dollar.
After careful consideration of all available options in the market, we’ve decided USD Coin is the best stablecoin to begin our listing journey in the Crypterium Wallet.
USDC is the first stablecoin of the CENTRE Consortium, an open-source tech project co-founded by Circle and Coinbase. Circle is a peer-to-peer payment platform backed by $140 million in venture capital from major investors, including Goldman Sachs. And Coinbase is among the top cryptocurrency exchanges worldwide. Ok, but you probably knew that.
This joint venture was created to provide a governance framework and network for fiat stablecoins, boosting its adoption worldwide. As previously mentioned, all USD Coins are backed by U.S. dollars held in a bank account. To guarantee maximum transparency, the reserve funds are attested by the top 5 accounting firms on a monthly basis. All reports are open and available here. This level of transparency and trust is clearly aligned with Crypterium values.
When it comes to compatibility, USDC really stands out. The ecosystem of this fiat-backed stablecoin covers all major exchanges, wallets, payment and lending platforms in the market.
Where To Find USDC In The App?
Think of it as any other balance in the Crypterium Wallet. You can store, send, exchange, cash out to any bank card or use it to top your Crypterium Card.
To get started with USDC, make sure you are using the latest version of the app. Once you are in the main dashboard, click on “show all wallets” to display your multiple balances. You should now see USDC right there.
Stable As The Dollar, Flexible As crypto
While most people still see Bitcoin and other cryptocurrencies as investments, others bet on them as currencies for day-to-day use. Believe or not, digital currencies can be faster, safer and cheaper than traditional currencies.
Diversifying your portfolio
Even if you are totally new to Bitcoin, you’ve probably heard about the ups and downs in the market. It’s a fact and we aren’t hiding it: cryptocurrencies are volatile. One of the most effective ways to protect yourself against unexpected price movements is diversifying your portfolio.
This is precisely where stable cryptocurrencies like USDC play their part. By including them into your portfolio, you can easily and rapidly lower downside risks.
When the foreign exchange market is plummeting, investors holding volatile currency pairs will move to so-called lsquo;safe-haven’ currencies or assets to avoid potential losses. As stablecoins are uncorrelated to the cryptocurrency market, they serve as a perfect shelter for crypto holders. No need to withdraw, but simply move funds from one balance to another.
Making regular payments
Following the previous use case, using stablecoins to pay daily expenses is certainly better than using Bitcoin or Ethereum. Why? As their value is predictable (1:1), you are eliminating risk of using an asset that tomorrow can be worth double.
Remember that developer that spent over 100,000 BTC on pizza? At the time, one Bitcoin was worth less than a penny. Today, his pizza bill will be nearly $800 million. If he had paid with stablecoins instead and saved the Bitcoin, he would be able to afford a lot more pizza now.
Digital currencies are an incredibly efficient choice for sending money internationally. Their digital nature and underlying blockchain technology makes them easy and cheap to transfer.
Let’s say you want to send $100 to your friend who lives abroad. What are your options? You could either go to a Western Union office and pay a filthy commission or opt for your bank and wait for days until funds finally arrive to destination.
Until now, you send Bitcoin, Ethereum or Litecoin to anyone in the world instantly, without paying commissions with the Crypterium App. If you are sending money to someone that isn’t familiar with cryptocurrencies, you can now opt for USDC, which is closer to the idea of a lsquo;digital dollar’. In other words, it make it all sound more friendly for skeptics.
Crypterium is one of the most promising fintech companies, according to KPMG and H2Ventures. We are building a mobile app that meets the banking needs of the digital assets era.
Our goal is clear: with Crypterium, whatever you can do with traditional money you will able to do with digital assets. This idea is supported, among others, by the co-founder of TechCrunch Keith Teare and over 400,000 registered users, and the number is growing by day.
The team is led by former General Manager of Visa Central amp; Eastern Europe Steven Parker, and C-level executives from global financial institutions, like Renaissance Insurance, London Derivatives Exchange, American Express etc.
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