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Coinbase and Circle Present Their New CENTRE Stablecoin Network

by firstcryptonews
June 17, 2019
in Industry
Coinbase and Circle Present Their New CENTRE Stablecoin Network

Two huge cryptocurrency companies, Coinbase and Circle, are actively working in a joint effort to make money as easy transferable as data on the internet. Recently both firms have announced their new Stablecoin Network called CENTRE.

Coinbase and Circle call it a “membership-based framework and governance scheme for the development and growth of money on the internet.” Their main goal for CENTRE is to enable crypto asset functionality across multiple blockchains. This includes both – public and private blockchains.

“Ultimately, we foresee a global economic transformation that is made possible by programmable money. People and businesses will be able to enter into diverse economic arrangements with anyone in the world easily and safely. The global digital currency age aims to make the movement of value accessible and free for everyone on the planet so that more people and businesses can participate in economic activity and value exchange,” comments Circle.

They elaborate on the problem which blockchains are facing now. Each one of them serves a different function and use cases. CENTRE now allows them to benefit from an interoperable stablecoin for other currencies “that is anchored in a full reserve, transparent and compliant governance scheme.”

Basically, they’re aiming is to make a diverse ecosystem of chains by building standards which then could be implemented in any type of blockchain.

A Membership-based Framework

However, as good as it sounds, Coinbase and Circle have made this a membership-based project. The members of this network will need to contribute to the development of the CENTRE’s technical standards and support its open source software. At the moment, it’s not clear whether members will actually need to improve the code or just make a donation.

Additionally, member companies will need to be regulated by their operating governmental instances. These “members” could be banks, trust banks or money transmitters. Also, there will be regulatory requirements within the CENTRE network to which all the members will have to comply. At the moment, there are no other companies than Coinbase and Circle, which have joined this network.

Future Plans for CENTRE

Coinbase and Circle plan to grow their stablecoin support even outside the U.S. and the Dollar, by introducing new options for global leading reserve currencies. However, the most promising vision for the future for both of these companies is the idea of a new global digital currency. That could be a combination of many future reserve currency stablecoins and Bitcoin as well.

“The combination of these global digital currency tokens and open, permissionless public blockchains with smart contract infrastructure will form the foundation for a 21st century digitally-native global economy that empowers people everywhere to participate and grow value.”

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NYDIG, a leading bitcoin financial services firm, has announced that it will welcome the CFO of Bridgewater Associates John Dalby to its team. Dalby joins NYDIG as the new Chief Financial Officer (CFO) in what represents one of the biggest personnel shifts from the mainstream financial industry to the crypto world. Contributing to the Greater Good The new CFO held a similar position at Bridgewater Associates, the world’s largest hedge fund, before his appointment to NYDIG. Dalby said that he is delighted to join the team and was committed to helping NYDIG deliver innovative Bitcoin solutions to individuals and institutions. The former CFO of Bridgewater Associates joins NYDIG during a period of rapid growth. The leading provider of investment solutions for BTC recently raised over $200M in additional capital from a group of strategic partners. The funds came from top institutions such as Morgan Stanley, MassMutual, New York Life, Liberty Mutual, Stone Ridge Holdings Group, and more. NYDIG also launched a global Insurance Solutions practice that will spearhead the development of bitcoin-powered products and services for the global insurance sector. According to Robert Gutmann, Co-founder of NYDIG, Mr. Dalby brings deep financial services experience to help the crypto custody firm build institutional solutions that deliver BTC safely to everyone. NYDIG to Help US Banks Offer Bitcoin In what has been viewed by many crypto enthusiasts as another step toward crypto’s mainstream adoption, NYDIG has unveiled an industry-first bitcoin solution for banks. Rolled out in partnership with fintech giant Fidelity National Information Services, the new product will enable clients of some U.S. banks to buy, hold and sell BTC via their existing accounts. According to Patrick Sells, head of bank solutions at NYDIG, hundreds of smaller US banks have already agreed to participate in the program. The firm is now engaging some of the leading U.S. banks to join in and enable ordinary Americans to get access to BTC through their existing bank relationships. Until now, many BTC adopters have been forced to go outside of their traditional banking relationships to acquire the benchmark cryptocurrency. The vast majority of traditional banks have steered clear of offering bitcoin to their retail customers. Therefore investors often rely on crypto-centric companies like Coinbase or payment giants such as Square and PayPal to purchase bitcoin. The revolutionary solution from NYDIG will facilitate banks to offer crypto assets to their retail banking clients via a seamless, easy-to-use digital experience. More Banks Are Asking For Bitcoin Top Wall Street banks only recently warmed up to crypto and unveiled plans to allow their wealth management clients bet on bitcoin. However, they have so far refrained from offering the service to retail customers. Nevertheless, more traditional banks are now asking for bitcoin as demand for the asset mounts from retail banking customers. According to Yan Zhao, president of NYDIG, these banks are under increasing pressure to offer BTC to their clients as its reputation as a store of value continues to grow. “This is not just the banks thinking that their clients want bitcoin, they’re saying `We need to do this, because we see the data.’ They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world,” Zhao noted. The NYDIG head predicts that giant banking institutions could soon face pressure to offer bitcoin to more clients as smaller banks roll out their own crypto services.

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