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by Thomas Barrabi
7/17/2018
Excerpt:
IBM on Tuesday said it is experimenting with a new cryptocurrency that is directly tied to the U.S. dollar, in a bid to avoid the pricing volatility associated with other digital currencies.
The tech giant is partnering with a startup called Stronghold to launch a “stable coin,” which will serve as a “tokenized representation” of the U.S. dollar. Consumers will be able to exchange their dollars for Stronghold coins on a 1-to-1 basis, and all cash exchanged in the transactions will be deposited at banks insured by the Federal Deposit Insurance Corp.
“As the name suggests, a stable coin is a digital token that has low price volatility because it is pegged to an underlying fiat currency,” Jesse Lund, vice president of global blockchain market development at IBM, said in a blog post. “Thus, it would work well for practical applications involving payments on a blockchain network as a store of value, a medium of exchange and unit of accounting for routine and everyday transactions of both large and small values.”
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View the complete article including video at:
https://www.foxbusiness.com/technolo...d-to-us-dollar
by Thomas Barrabi
7/17/2018
Excerpt:
IBM on Tuesday said it is experimenting with a new cryptocurrency that is directly tied to the U.S. dollar, in a bid to avoid the pricing volatility associated with other digital currencies.
The tech giant is partnering with a startup called Stronghold to launch a “stable coin,” which will serve as a “tokenized representation” of the U.S. dollar. Consumers will be able to exchange their dollars for Stronghold coins on a 1-to-1 basis, and all cash exchanged in the transactions will be deposited at banks insured by the Federal Deposit Insurance Corp.
“As the name suggests, a stable coin is a digital token that has low price volatility because it is pegged to an underlying fiat currency,” Jesse Lund, vice president of global blockchain market development at IBM, said in a blog post. “Thus, it would work well for practical applications involving payments on a blockchain network as a store of value, a medium of exchange and unit of accounting for routine and everyday transactions of both large and small values.”
.................................................. .................
View the complete article including video at:
https://www.foxbusiness.com/technolo...d-to-us-dollar