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Saga Launches Onboarding Process for New Type of Crypto Asset

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  • Vladislav Sopov
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    Saga Monetary Technology has launched the onboarding process for individuals to purchase the ERC-20 token, which will be launched on December 10, 2019.

Saga Launches Onboarding Process for New Type of Crypto Asset
Cover image via www.saga.org
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Stablecoins, which are crypto assets that are strictly pegged to some major real-world currencies, are usually counterposed to other cryptocurrencies. This approach mostly is due to a stablecoin's low volatility and regulated nature. As a result, the attempts to merge the benefits of "traditional" cryptocurrencies and stablecoins are usually anticipated by the international crypto community.

Stablecoins and Beyond

Saga Monetary Technologies (SGA) plans to launch a new coin called SGA token, on December 10, 2019. Potential owners of SGA can now be part of the onboarding process via the official project's website. This will allow them to execute their SGA purchase from the date of the token generation event (TGE).

According to Saga Monetary Technologies, the new asset will act as a stabilized currency for global use. Its tokenomics allows SGA to self-regulate the token supply. Shortly after the TGE, the token will be fully backed by a basket of national currencies that replicate the International Monetary Fund's Special Drawing Rights. Since 2016, this basket is composed of the USD, EUR, CNY, JPY, and GBP.

The participants of this onboarding process are subject to risk-based Know Your Customer (KYC) and Anti-Money Laundering (AML) proceedings, as well as being in compliance with all applicable UK and Financial Action Task Force (FATF) AML-related regulations and practices.

Following the interest of SGA, the "classic" asset-pegged nature of the coin will be replaced by a self-regulated token model. The reliance on the reserve will eventually diminish over time.

Fair Governance

Despite the fact that the ERC-20 token is produced by SGA and is therefore based on Ethereum's PoW-based network, the features of new token will allow its holders to run numerous governance mechanisms, including the election of an executive council overseeing the project. As a result, the original consensus within the SGA network will look like PoS, or even dPoS.

The creatures of SGA assure that it complies fully with existing international regulatory frameworks. The project teams include world-level experts in computer sciences, economics, and management. Saga has raised $30M in seed funding by leading investment boards such as Lightspeed Venture Partners and Mangrove Capital Partners.

Are you interested in the "baby of stablecoins and classic tokens"? Will it be useful? Share your thoughts on Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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  • Alex Dovbnya
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    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Tim Draper Says His $250,000 Bitcoin Price Prediction Is Not Based on Halvening

Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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