Stable-value cryptocurrency project Reserve has partnered with big-name investors including Coinbase and Peter Thiel as they look to establish themselves as an alternative to traditional currencies. Reserve aims to reduce volatility but is not pegged one-to-one with any particular fiat currency.
Peter Thiel, Coinbase, GSR.io, Distributed Global, and 40 other funds and angels, have invested USD 5 million collectively in a seed round designed not to raise money but to raise awareness, according to a statement from Reserve. The San Fransisco-based startup was founded by Nevin Freeman, a technology and media entrepreneur, and Matt Elder, an engineer with a background in formal verification.
Freeman said, in a statement: “In addition to our big-name investors, we are working with founders and early CEOs of TechCrunch, and Betfair, the Director of Product and Revenue at Tinder, three early, high-up PayPal team members, the technical founder of a multi-billion dollar telecommunications company, two heads of major startup incubators, other influential crypto funds like NEO Global Capital, Fenbushi and PreAngel, and others like that.”
Reserve aims to provide a digital alternative to cash with a cryptocurrency that is relatively stable in purchasing power, fast and cheap to transfer, and impractical for criminal use. In a statement, Elder highlighted that fluctuating cryptocurrencies are not practical for buying goods and services but a stable-value coin can protect citizens from high levels of inflation. Reserve found 16 countries that had fiat currencies rapidly losing their value.
In a blog post, Freeman wrote: “The reason we’ve gone through all the effort to design another stablecoin protocol is that we are convinced that all of the existing attempts are likely to fail as well. Leaders of the crypto ecosystem have been aware of the need for a stablecoin for years. The financial incentive to create the winning stablecoin is immense.”
The best-known stablecoin, Tether has been criticized for not fulfilling successful audits but recently provided some confirmation that they hold the required balance of USD in their bank account. Tether hired the Washington, D.C., law firm FSS which stated that the company had approximately $2.55 billion in its accounts on June 1, 2018
- Coinbase and Peter Thiel Invest in Next-Gen Stablecoin, Reserve – June 25, 2018
- Did This One Tweet Curtail John McAfee’s Crypto Career? – June 21, 2018
- Small Crypto Exchanges Likely to Fail: Chinese Research Institute – June 21, 2018
- ATM-Style Machines to Bring Blockchain to the Masses – June 21, 2018
- Lithuania Kicks Off Securitized Token Revolution – June 20, 2018
- Insights Aplenty as Coinbase & Ripple Execs Keynote London Blockchain Conference – June 14, 2018
- Ant Financial Raises $14 Billion to Become World’s Largest Unicorn – June 14, 2018
- Argo Blockchain: First Crypto Miner on the LSE – June 12, 2018
- Crypto Community Responds to Netflix’s Attacks on Bitcoin – June 11, 2018
- EOS Mainnet Launches. ‘Epic Vulnerabilities’ Solved by Bounty Hunters, Say Block Producers – June 9, 2018
- Obelisk Gives Crypto Community ASIC Tools to Take on Bitcoin Farms – June 8, 2018
- Dutch Bank Finds Blockchain ‘Inadequate’ for Financial Markets – June 7, 2018
- Does Juniper’s E-Commerce Forecast Herald Boom Time for Blockchain? – June 6, 2018
- Baidu’s Partnership with NXP Could Link its Super Chain to the IoT – June 6, 2018
- Ripple Launches $50 Million Blockchain Research Initiative – June 4, 2018
- Indian Telecoms Regulator Targets Cold-Calling with Major Blockchain Project – May 31, 2018
- China Set for Large-Scale Blockchain Applications by 2019 – May 31, 2018
- SoftBank Pairs with Cloudminds for Blockchain Authentication Solution – May 30, 2018
- DFINITY and CoinList Launch ‘Largest Airdrop in History’ – May 30, 2018
- Blockchain to Play ‘Major Role’ in Goods Industry: Deloitte Report – May 30, 2018
- UK’s Financial Watchdog Targets Crypto Businesses – May 29, 2018
- Overstock’s tZero Teams with BOX Digital for First Security Token Exchange – May 28, 2018
- Microsoft-Backed Insurwave Showcases Real-World Use – May 25, 2018
- Commerzbank Executes First Corporate FX Deal on Blockchain in Germany – May 24, 2018
- Ben & Jerry’s Backs Poseidon’s Climate Change Initiative – May 24, 2018
- Swachhcoin to Use Blockchain to Mitigate Waste Crisis, Airdrop Tomorrow – May 23, 2018
- Tezos Foundation Backs Blockchain Research by Inria and Tarides – May 23, 2018
- Tezos Expands with Two New R&D Partnerships – May 23, 2018
Source link
