Saga Monetary Technologies has already launched its onboarding process that allows people to buy ERC-20 tokens, the project being scheduled to launch on December 10, this year.
As crypto assets are strictly related to major currencies in the real world, stablecoins usually counterpose other cryptocurrencies. This is because they’re regulated and have a low volatility. The crypto community most of the time anticipates when it’s time to merge traditional cryptocurrencies’ benefits with the ones of stablecoins.
Saga’s New Coin Will be Called SGA
As said before, Saga is planning to launch its new coin called the SGA on December 19th. Those who want to own SGA can get involved in the onboarding process through the project’s official website. By doing this, they’ll be allowed to execute their purchase of SGA from the time at which the token generation event (TGE) will happen.
SGA to be Used Globally
According to Saga, the SGA will act as a stabilized currency that can be used globally. SGA’s tokenomics will regulate the token supply. Soon after the TGE, there will be a few national currencies that are replicating the International Monetary Fund’s Special Drawing Rights backing the token. These currencies are USD, EUR, GPB, JPY and CNY.
Participants to the Onboarding Process Compliant to Regulations
Those who decide to participate in the onboarding process are subject to Anti-Money Laundering (AML) and risk-based Know Your Customer (KYC) proceedings. At the same time, they will comply with the AML practices and regulations imposed by the Financial Action Task Force (FATF) and the UK law. In the interest of the SGA, the coin’s pegged nature of an asset is going to be replaced with the self-regulated token one. Relying on the reserve won’t last for too long either.
SGA Will Allow Holders to Run a Fair Governance
In spite of the fact that ERC-20 is SGA produced and based on the Ethereum PoW-based network, the new token will allow those who hold it to conduct numerous governance activities. For example, they will be able to elect an executive council to oversee the project, which means the consensus with the SGA network will be more like PoS or dPoS.
As its creators say, the SGA complies with the international regulations. The team behind the project is made of experts in economics, computer sciences and management. Saga managed to raise $30 million in seed from Lightspeed Venture Partners, Mangrove Capital Partners and others.