Blindex Introduces British Pound, Gold-Pegged Stablecoins to BTC DeFi -Breaking
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© Reuters Blindex Introduces British Pound, Gold-Pegged Stablecoins to BTC DeFi- Blindex will provide RSK with British pounds and gold-pegged, stablecoins.
- DeFi’s goal is to stabilize fiat and introduce stablecoins.
- Blindex has already begun exploring the potential for real-life synthetics.
CoinQuora is reporting that Stablecoin DeFi Platform Blindex will add two new stablecoins (RSK), to the sidechain Rootstock(RSK) platform.
Blindex will launch the bGBP & bXAU stablecoins in an effort to help it achieve its ultimate goal to eliminate the volatility inherent to fiat money. The British Pound and 1 ounce of gold are the respective values of these algorithmic stablecoins.
According to the team, bGBP can be exchanged at market rates with other coins. This stablecoin can be used to swap with other coins, and holders may also make or stake it. They can be used in future DeFi platforms such as RSK, and in any other chain.
Currently, bXAU has become the first ever gold-pegged, stablecoin that is backed by BTC or ETH. It’s also one of the most unique rosters. Blindex explained that the bXAU stabilitycoin has a centralization and holders must have physical gold reserves.
bXAU, which is tied to the price of gold, uses BTC and ETH to support that price. A troy fine ounce (or one ounce) of gold has a value close to $2,000 at press time.
In introducing these two stablecoins, Blindex Contributor Omer Paz cited the platform’s core purpose of helping stabilize the fiat money:
[Blindex]It is an instrument for stabilizing digital assets. The only thing that can stop us from stabilizing other ‘things’ is only our imagination. Taking it further into the ‘real’ world is our ambitious long-term vision, and it’s the thing that gets our team’s creativity levels up.
Paz sees a lot of room for the growth of the crypto space, especially DeFi, which are “still in its infancy.” New financial services getting introduced daily fascinate Paz due to their low cost, flexibility, and interoperability.
Important to remember that some crypto investors have chosen gold as a diversifier and long-term hedge against rising inflation. “We see a lot of demand from crypto investors that want to diversify their portfolio by investing in gold,” said Pax when expounding on bXAU. “And now they can do it in a fully decentralized manner.”
Blindex was also launched on RSK a few months ago. Blindex will be exploring the real-world assets that can help them create synthetics. The team revealed that all their plans will run on RSK and will be usable across Bitcoin’s DeFi ecosystem.
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