A new stablecoin is entering the cryptocurrency market. In order to do so, The White Company and FinTech Ltd. signed a partnership to include a stablecoin to FinTech’s Interstellar decentralized exchange (DEX). The cryptocurrency is known as White Standard Stablecoin (WSD) and has already been integrated to the exchange. In the future, new stablecoins pegged to other fiat currencies will be incorporated.
Stablecoins Enter the Crypto Market
The Cryptocurrency market continues its expansion with new stablecoins being developed. A new firm, The White Company, has entered the cryptocurrency world with very interesting products. This firm accepts virtual currencies in exchange for luxury goods. Some of the products it sells include luxury cars, rare artwork, and more.
Since it started its operations, the company registered 25,000 transactions and $100 million dollars worth of BTC exchanged. Until now, the largest sale was a Ferrari sold for $4 million dollars.
In order to keep its expansion in the market, the company decided to launch a stablecoin known as WSD. This virtual currency is audited by a third party every single month and is backed by fiat currency.
Users can buy as many WSD coins as desired. However, investors need to pass KYC and AML controls to have unlimited access to transactions. So as to run this cryptocurrency, the company decided to use the Stellar network. In this way, it works as the protocol to host WSD tokens. The Stellar network is very powerful since it can process transactions faster. Moreover, The Stellar network easily scales in case it’s needed.
It is very important for the Stellar network to continue its positive path with new companies working on top of it. Stellar is growing as a solution for global financial firms and platforms. WSD is the second stablecoin that joins the network after NGNT, backed by the Nigerian Naira. Additionally, with the addition of the Euro-backed WSE and GBP-backed WSP, the network expands its capabilities.
Elizabeth White, CEO of The White Company said:
“Our goal is to unleash crypto’s real-world potential, and this partnership with Interstellar is the first of many steps in not just bringing the White Standard stable coins to the masses while increasing the ease for consumers to purchase Stellar lumens (XLM) with USD, GBP and the Euro.”
The White Company is also offering a payment processing service known as White Wallet and White Pay. The service can be used as C2C, B2C and B2B (consumer-to.consumer, business-to-consumer, business-to-business).
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.