Blockchain Report — 9/11/2018

Summary: Coinbase CEO Believes A Billion People Will Use Cryptocurrency In Five Years; Gemini Launches U.S. Dollar-Backed Cryptocurrency; Stellar Foundation Purchases Venture-Backed Startup

Coinbase CEO Believes A Billion People Will Use Cryptocurrency In Five Years

According to CCN, Coinbase CEO Brian Armstrong at TechCrunch Disrupt in San Francisco predicted that one billion people would eventually use cryptocurrencies in the next five years. He also believes there are a growing number of cryptocurrency companies will contribute to the overall cryptocurrency ecosystem growth.

Armstrong views digital assets (e.g. cryptocurrency) as an alternative investment to equities. Armstrong said:

“It makes sense that any company out there who has a cap table should have their token…Every open source project, every charity, potentially every fund or these new types of decentralized organizations [and] apps, they’re all going to have their tokens.”

Armstrong also said that Coinbase plans to expand Coinbase globally, and they have plans to soon open offices in Africa.

Gemini Launches U.S. Dollar-Backed Cryptocurrency

According to CCN, the cryptocurrency exchange Gemini recently announced that they are creating a USD-pegged token on the Ethereum network. Gemini was founded by Cameron and Tyler Winklevoss. The aim of the Gemini stablecoin is to replace Tether (USDT).

Called the Gemini dollar (GUSD), its goal is to fix the issues that the Tether token has. GUSD is the “trusted and regulated digital representation” of the U.S. dollar, and it can be traded on cryptocurrency exchanges globally. Gemini wrote in an announcement:

“To date, there has been no trusted and regulated digital representation of the U.S. dollar that moves in an open, decentralized manner like cryptocurrencies…The Gemini dollar (ticker symbol: GUSD) combines the creditworthiness and price stability of the U.S. dollar with blockchain technology and the oversight of U.S. regulators, namely, the New York State Department of Financial Services (NYDFS).”

Stellar Foundation Purchases Venture-Backed Startup

According to Forbes, a subsidiary of the Stellar Development Foundation has purchased Chain. Chain is a venture-backed blockchain startup, and has big names in enterprise adoption among its customers. Chain co-founder Adam Ludwin said that all of Chain’s existing investors will receive a return on their investment, including Visa, Nasdaq and Citi Ventures. Ludin also said:

“All of the clients that we have now have effectively shifted from using a traditional database model to using a tokens model, issuing assets on a local environment…By partnering with Stellar you can fire an asset to another institution.”

The acquisition of Chain was for “significantly more than $40 million”, and Chains allegedly has “millions in revenue and millions of dollars in the bank”.

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