Firearms Marketplace GunBroker.com is Ready to Add the Stablecoin FreedomCoin
The firearms markeplace GunBroker.com located in the United States will be integrating a new stablecoin called “FreedomCoin.” In this way, users will be able to purchase and sell products using this digital asset. The information was released in a press release on January 29.
The Blockchain startup ICOx Innovations explained that the coin is regulatory compliant and is a corporate currency. The firm informed that this coin will be used in the platform to make purchases on GunBroker.com. This is one of the world’s largest sites that sells hunting and sport shooting firearms.
According to the press release, GunBroker.com has around 4.7 million customers and handled $600 million in yearly transactions. Using this digital asset, users will have a fast and easy way of paying for their favourite products on the site.
Bruce Elliott, the President of ICOx Innovations, commented on the matter:
“This is one of the first use cases that I’m aware of where a compliant cryptocurrency can truly replace the need for other costly and time-consuming payment options which is something of extreme value to GunBroker’s users. With hundreds of millions of dollars transacted annually on GunBroker.com, this may potentially become the most retail transacted cryptocurrency in the U.S.”
ICOx has been working for FreedomCoin, LLC in order to design and build the stablecoin FreedomCoin. This virtual currency is a digital coin pegged to the U.S. dollar. Interested users will be able to convert their funds in a very easy way using an application specifically designed for this issue. The platform will be providing secure and simple transactions for users to send and receive payments being compliant with all the KYC and AML rules.
The development of the FreedomCoin will cost up to $2 million, including its design. Users that purchased a firearm know that it can be very difficult to deal with traditional credit card companies and transactions.
Steven F. Urvan, the CEO and Chief Technology Officer at GunBroker.com explained that with ICOx and BitRail, they will be eliminating this problem and expose a whole new segment of gun and outdoor enthusiasts to the crypto world.
ICOx is a company that is working in order to create blockchain technology solutions for corporations and other brands.
There are other stablecoins that have been operating in the cryptocurrency market. Tether (USDT) and the USD Coin (USDC) are just some of these examples. Other coins are Gemini USD( GUSD) or Paxos Standard (PAX).