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New Crypto-to-Fiat Bridge Set to Compete with Stablecoin Market, but There’s More

  • Alex Morris
    📰 News

    ⛓️🚀While stablecoins are taking the cryptocurrency market by the storm, there is a new Blockchain  project that could challenge them


New Crypto-to-Fiat Bridge Set to Compete with Stablecoin Market, but There’s More
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Nimiq, a new Blockchain-based project, threatens to disrupt the $2.8 bln stablecoin market after creating a technological blueprint that makes fiat currencies “Blockchain-compatible”. In order to implement its ambitious plans, Nimiq teamed up with WEG Bank AG and Agora.Trade. The general potential of Nimiq OASIS goes far, as by design and following an introduction period, it will be non-exclusive and empower other banks, exchanges and blockchains to tie in and allow decentralization and adoption in ways that reflect the spirit of blockchain technology.  

Bridging the two industries

Nimiq OASIS (Open Asset Swap Interaction Scheme) connects cryptocurrency holders to bank account owners and facilitates the exchange of funds between the two ecosystems. It eliminates the need for middlemen like payment service providers. Thus, one can seamlessly exchange crypto and fiat currencies without the private keys of the crypto asset ever leaving the owner’s possession or having a centralized intermediary controlling the two assets being exchanged. No matter how reliable a certain payment service is, there are always security bottlenecks, and relying on third-party companies always incurs security concerns.

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Is it better than Simplex?  

As reported earlier by U.Today, Binance, the leading cryptocurrency exchange by trading volume, teamed up with Israel-based startup Simplex to roll out credit card payments for Bitcoin (BTC), Ethereum (ETH), XRP (XRP), and Litecoin (LTC).

While that was a highly-anticipated feature, it turned out to be quite pricey for some exchange users. Payment processors in the likes of Simplex require you to pay a hefty 5 percent fee.


Stablecoin market disruption

Stablecoins became one of the most pervasive crypto trends of 2018. These fiat-backed currencies allowed a means of hedging against the highly volatile cryptocurrencies. Tether (USDT), despite plenty of controversies, remains among the top 10 biggest coins by market capitalization. USD Coin (USDC) and Gemini Dollar (GUSD) are yet another two contenders to occupy a sizeable chunk of the crypto market. Even JPMorgan, the number one bank in the US, recently made a foray into crypto by introducing their own dollar-pegged stablecoin.

Tapping into the OTC market   

The lion’s share of cryptocurrency trading is happening behind the scenes in the over-the-counter (OTC) market. While institutional investors continue flocking to the OTC market, there is still no robust infrastructure, with some dealers even resort to setting up trades over Skype and Telegram. Nimiq OASIS  could provide a viable alternative for OTC trading.

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Revolutionizing the buying & selling of crypto

By bridging crypto and the banking industry, Nimiq OASIS could potentially enable wider cryptocurrency adoption by offering an easier and more convenient way for people to get money in and out of cryptocurrency markets. Nimiq could challenge the current industry leaders, such as Richard Branson-backed custodial processor BitPay, by connecting banks directly with decentralized cryptocurrency exchanges like Agora.Trade and offering merchant integration. This could make it both easier and cheaper for merchants to accept cryptocurrency payments.

WEG Bank AG CEO Matthias von Hauff claims that Nimiq has the potential to revolutionize the way we deal with cryptocurrencies. Meanwhile, Agora.Trade co-founder Reto Trinkler believes that the project could help the industry to go back to ‘what Blockchain is all about’.

Cover image via u.today
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Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
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After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

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BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

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Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

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