IBM to launch cryptocurrency pegged to the US Dollar; Coinbase makes acquisitions and explores listing new assets
IBM to launch cryptocurrency pegged to US Dollar and ensured by the FDIC
Announced on Tuesday, IBM is partnering with startup Stronghold to launch USD Anchor, a cryptocurrencty backed one-for-one with U.S. dollars. IBM has said it will explore various use cases for the token with its financial institution clients.
The USD backed cryptocurrency will run on the rails of the Stellar blockchain and use its consensus mechanism to verify transactions. The token will be backed with U.S. dollars held at a Nevada-charted trust company called Prime Trust, which in turn will deposit the cash at banks insured by the Federal Deposit Insurance Corp.
Coinbase gets approval for new acquisitions
Bloomberg has announced that Coinbase has the approval of U.S. regulators to move forward with three acquisitions.The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority approved Coinbase’s purchase of Keystone Capital Corp., Venovate Marketplace Inc. and Digital Wealth LLC. These acquisitions will enable the firm to offer security tokens and place the company under federal oversight.
…and explores the addition of new digital assets
According to a recent blog posting, Coinbase is exploring the addition of five digital assets to their platform. Some of these assets may be listed solely for customers to buy and sell, without the ability to send or receive using a local wallet. Coinbase hinted that future announcements concerning other digital assets are coming. There are 5 digital assets under consideration:
- Cardano (ADA)
- Basic Attention Token (BAT)
- Stellar Lumens (XLM)
- Zcash (ZEC)
- 0x (ZRX)
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