Coinbase is developing new stablecoin generation

The head of the Coinbase, Brian Armstrong, believes that flatcoins could become the next iteration of stablecoins.

In an interview with Yahoo Finance, he stated that flatcoins are “the next iteration of stablecoins.” Coinbase has not yet started development in this area, but they are “interested in it,” Armstrong added.

“[The Flatcoin concept is] a new thing on the horizon. There’s a couple teams working on it.”

Brian Armstrong, Coinbase CEO

Armstrong considers this idea “the best form of money in the crypto space” compared to the current cryptocurrencies and stablecoins.

“I also put out a blog post talking about some of the future ideas on the horizon. And a number of our venture investments might go into things like that. But I talked about flat coins, which is kind of the next iteration of stablecoins that’s more maybe linked to CPI or purchasing power.”

Brian Armstrong, Coinbase CEO

What is flatcoin?

Flatcoins are decentralized stablecoins that, for example, can be used to track inflation. Flatcoins, according to Armstrong, could respond to the uncertainty in the financial market that investors faced amid the 2022-2023 crisis.

You might also like: Coinbase increases USDC interest rate after SEC confirms stance on stablecoins

The term flatcoin was likely coined by former Coinbase CTO Balaji Srinivasan. He noted that if a particular fiat currency is inflationary, then stablecoins pegged to that fiat will also be inflationary. Therefore, Srinivasan proposed flatcoin, pegging its price to “an on-chain basket of goods”.

Ten uses of blockchain

Armstrong has previously spoken about the prospects of flatcoins. According to him, this type of cryptocurrency is necessary because people are reluctant to spend Bitcoins (BTC), and stablecoins “suffer from inflation and confiscation.”

The announcement came along with other ideas about the effective use of blockchain. These include on-chain reputation, on-chain ads, on-chain capital creation, crypto job marketplaces, and privacy solutions for second-layer blockchains.

Read more: Brian Armstrong, CEO of Coinbase, talks about SEC compliance
Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

JPEX crypto exchange faces controversy over asset conversion

JPEX’s attempt to transition into a DAO has sparked controversy and frustration among some users. The users who claim their assets were converted without their consent. The exchange is also facing scrutiny from authorities in Hong Kong. In a surprising move, the JPEX cryptocurrency exchange has initiated a contentious DAO Shareholder Dividend Scheme, leaving some users in distress as their assets reportedly get converted without their consent. JPEX recently announced its intention to transform into a decentralized autonomous organization (DAO) and offered users the opportunity to convert their frozen asset s into DAO Stakeholder dividends at a 1:1 ratio. Additionally, the exchange introduced a repurchase option, allowing users to recover 30% of the conversion price after one year and 100% after two years. Disquiet among customers JPEX’s scheme was seemingly devised to tackle JPEX’s ongoing liquidity challenges, providing an incentive for users to lock up
Read more

Shiba Inu: $1000 in 2020, Is Worth $7.5 Million in November 2023

Image
Shiba Inu (SHIB) witnessed a meteoric rise soon after its launch in August 2020. Within just one year, the token reached its all-time high. Early investors who got into SHIB when it was trading with about ten zeros after the decimal became multi-millionaires and, in some cases, even billionaires. If you put $1000 into Shiba Inu (SHIB) in August 2020, you would have received tens of trillions of SHIB tokens. The value of the $1000 investment would have grown to a whopping $7.58 million in November 2023. The increase in the portfolio’s value translates to a growth of about 758,703%. Also Read: Shiba Inu vs. XRP: Which Will Gain More by Christmas 2023? Source: Changelly However, if you had decided to sell when Shiba Inu (SHIB) reached its all-time high in October 2021, you would have walked away with an eye-watering $75.39 million. The trade would have resulted in a profit of about 7,539,215%. Source: Changelly Is buying Shiba Inu in 2023 a loss? Source – Outlook Despite
Read more