Online Payment Processor Launches Novatti AUD Utility Token Stablecoin Pegged to Australian Dollar (AUD)
Online Payments Processor to Launch Stablecoin Pegged Against Australian Dollar (AUD)
The conference that took place in Las Vegas dubbed, ‘Money 20/20’ revealed online payments processor, Novatti Group revealing its plans to launch a new stablecoin that will be pegged against the Australian Dollar (AUD). As for its issuance, November 19th has been selected where the stablecoin will be traded on a 1:1 ratio.
@ASX-listed #onlinepayments processor @NovattiPayments has made a commercially-astute move into #blockchainpayments by integrating its proprietary payments platform with @StellarOrg https://t.co/6a0ghsQus5 #australianfintech #fintech #blockchain
— Australian FinTech (@austfintech) April 17, 2018
When we hear stablecoins, we immediately think cryptocurrencies, but this does not appear to be the case with Novatti Group, as the firm disclosed interesting facts about their endeavor with Coin Desk. As per the claims made, the reason for such a stablecoin is to increase real life uses and evident integration. In particular, the team hopes to see the token be used within several business settings.
Managing Director, Peter Cook explained in detail how the team perceives the coin, and it seems like it uses will range from “[purchasing] goods from Australian enterprises” to making “payments of bills or services.”
In terms of the types of businesses that the team plans to associate with, it has been revealed that their intentions are to work alongside, “licensed money service businesses, banks and enterprises” with interest in cryptocurrencies.
Stellar Blockchain Chosen as Platform for AUD Backed Stablecoin
Novatti Group’s new stablecoin will be built on the Stellar blockchain. The reason for choosing Stellar was shared and it was revealed that this respective blockchain will serve as a foundation to the entire project.
Here’s what Cook had to say in regard to the Stellar blockchain:
“We are focused on leveraging our strong relationship with Stellar to securing additional agreements with its partner network to drive high growth revenue streams in the payments and billing space, driven by growing transactions processing.”
Based on the statements made by the Director of Partnerships for Stellar, Lisa Nestor, it seems like Stellar is popular among stablecoins. More specifically, 10 stablecoins have since been established. Nestor accepted that it was tough starting off the blockchain platform, “but then each time we add another one, it makes it easier to add one more.”