New ADA Cardano Phone Wallet / New Circle Dollar Stablecoin

Published in

The Cryptoverse

4 min readSep 30, 2018

On Today’s Episode of The Cryptoverse…

For the lack of a better alternative I have been storing my Cardano on Binance lately because I didn’t want to run a full node. So I decided to make a trade off and risk storing them on Binance.

Today though, I found out that the Infinito mobile wallet supports Cardano’s ADA:

https://www.infinitowallet.io/

Watch the episode right here in the article!

Being a phone wallet means you don’t have to download a full copy of the blockchain like you do when running a full node so now I have a way to store my Cardano and control my own private key without the burden of the computing resources.

It’s the same old process to set it setup, install the app, write down your recovery phrase, set a password and you’re done.

I then did a test by transferring just 10 Cardano from Binance to my new Infinito wallet.

I found out about this because Infinite Wallet published a paid press release on Cointelegraph.

https://cointelegraph.com/news/universal-wallet-becomes-the-first-to-support-cardanos-ada-on-mobile

It got my attention because it presented the solution to my problem.

This is the first light wallet that I’ve ever come across that supports Cardano, but if you are aware of any others, or if you want to share your experience with the Infinito wallet please do so by leaving a comment below.

I think this was more Binance than anything but when I did a test it wook just over 10 minutes for the coins to get from my Binance account into my phone wallet.

But like I say almost all of that was waiting for Binance to send the transaction and give me a transaction ID. Once I got that it appeared on my phone almost immediately.

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Continuing The Show!

And get this…

Circle’s USD Coin launches with wide ecosystem support

Circle have just announced the launch of their own stablecoin the USDC.

Stablecoins can be traded for each other which will help keep them pegged to 1 USD since any deviation from a $1 valuation is an instant profit opportunity which can be exploited by high frequency trading bots.

They highlight lending of the USDC as a big use case in their announcement here and I agree that’s a big one.

My experience with lending crypto was rocky because the fluctuating value sometimes meant you got paid back less in fiat value than you lent out or that the borrow ended up paying back more in fiat value than they borrowed, that just doesn’t work.

And we are not yet at the point where crypto is a unit of account so borrows are still having to convert the crypto they borrow into fiat in order to put it to work.

I actually can’t even see that happening if this trend towards stablecoins continues since all the tokenised financial instruments like real estate, index funds and so on are all going to move to be traded against USD stablecoins rather than Bitcoin or Ether as they are now.

Most notably also USDC has the approval of BitPay’s CEO so expect to see them support it before long.

You’ll have to check your Coinbase account to verify this one but right at the bottom here…

It says ‘starting today’. Well USDC is not available in my Coinbase account but that’s no surprise since I’m based in the UK, but let me know in the comments below if you are in the USA and whether USDC is available in your account after this announcement.

And final point, USDC is another ERC-20 token making it compatible with all wallets and services that also use that standard, just like the Gemini Dollar.

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