The new Frax stablecoin project by the former federal reserve nominee Stephen Moore will be supported by Ralph Benko who is now a former deputy general counsel for Reagan as we are reading further in the altcoin news today.
Moore is the co-founder of the new Frax stablecoin along with Sam KAzemian who also co-founded Everipedia. Benko will now be the general counsel. Frax is a stablecoin that is set to launch early next year which is built on a decentralized fractional reserve system which is a type of banking system where the banks can loan out customer funds and only hold a small proportion of the funds on-site for the customers to withdraw. Unlike other banks that hold fiat currencies, Frax’s reserve assets will be the Frax tokens which are a stablecoin that tracks the dollar but is not really backed by it. The protocol of the coin hopes to use existing DeFi products such as compound finance and dYdX to loan the DAI and Tether tokens as collateral and will also adjust the price of interest payments to make adjustments to the value of the currency.
The new interest payments will go back into the Frax smart contact which buys back or will rebalance the supply of Frax in the market to keep each Frax token at $1. In order to reduce further risks, Frax was previously called Decentral Bank and will not hold close to 100 percent of the funds in the reserves when it launches and will also slowly hold fewer funds in its reserves as the network becomes much more popular. Frax says that the new tokens will be held in a non-custodial manner on the blockchain making sure that the confidentiality is present over how the funds are spent. Unlike Facebook’s stablecoin project-Libra, the power is evenly distributed between more than twenty companies. Frax, on the other hand, is completely decentralized but the bigger goal according to Moore is to end the world’s dependence on the FED-controlled US dollar. The project is expected to make a blast on the market and there are plenty of enthusiasts that are extremely happy for the new project.
Basic Attention Token Rises 11% After Perpetual Contract Launch
“We have seen an increase in institutional participation in trading, and these professional traders seek out the most efficient ways to trade very quickly, both in terms of cost and performance.”The announcement seems to have sparked a lot of interest among the market participants in the coin especially now since the Basic Attention Token rises significantly. Despite the bullish impulse, this cryptocurrency could face a huge retracement. The TD sequential indicator is presenting two selling signals and one in the form of a green nine candlestick while the other is a sequential 13 candle. These bearish formations show that the Basic Attention token could retrace to four candlesticks before going on further in the bullish trend. A spike in the selling pressure behind this crypto around the price levels could validate the bearish outlook so BAT could even plunge to the 78.6% Fibonacci Retracement level. Breaking below the support line could start a harsh decline to the 61.7 percent or 50 percent Fibonacci retracement levels. The launch of the BAT perpetual contract only boosted the demand for this cryptocurrency. if the BAT is able to close above its recent highs, it could climb further Basic Attention Token is now ranked at #31 by market cap. Besides this altcoin, we can see that almost every coin is in the green today. The Bitcoin price news, for instance, is showing that BTC managed to rise by 3% only this afternoon and is at $10,135, again in the five-digit zone and with a stable momentum.
Bitcoin Diamond And Monero Set For Further Gains, Verge Drops
Lebanese People Turn To Bitcoin To Escape Dwindling Economy
“Right now, Lebanese are interested in escaping tight restrictions on cash withdrawals and transfers. They basically want financial freedom. If you want to go around the banking system, Bitcoin is a solution.”What is also important to note is that last year, the government unveiled new tax plans - a move that led to a series of angry protests. At the time, protesters called on Lebanon's established political class to step aside, accusing the government of corruption and incompetence. The authorities in the country just spoke to the International Monetary Fund (IMF), asking them to help find a solution to manage the country's debt. Meanwhile, the Lebanese people have already considered options like Bitcoin which is why they are featured in the crypto news by Al Jazeera and many other news portals. https://twitter.com/CryptoLira/status/1214206996406243329
Crypto Friendly Banking App Is Now Among Europe’s Top Fintechs
Basic Attention Token Rises 11% After Perpetual Contract Launch
Binance Coin BNB Collapses 10% In 24-Hours: Analysis
Crypto Lawyers Fight Over Who Gets To Lead Tether’s Lawsuit
Monero VS Bitcoin: Is The Privacy Feature Enough?
Crypto Payment Platform AnyPay Won’t Accept BTC Anymore
Antminer E3 Stops ETC Mining While ETH Has 1 Month Left
This Coin Saw Major Growth But Has Strange Downside Potential
Tim Draper Left Stocks For Bitcoin 6 Months Ago
Binance UK News Show Buying BTC Is Now Easier Than Before
Litecoin Prints Many Buying Signals Which Could Prove Bullish
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
- Vechain News7 days ago
VeChain Announces Schedule And Election Of New Members
- Bitcoin News7 days ago
Bitcoin Just Signaled “Sell” While Falling To $9,600 Levels
- Libra News7 days ago
EU Does Not Know What To Do With Facebook’s Libra Coin
- Binance Coin News7 days ago
Binance Coin Declines To $22 After Bouncing Back
- Altcoin News7 days ago
Buy Top Products From Taiwanese Brands With Gifto (GTO)
- Blockchain News7 days ago
Algorand Cemented Its Position As A Major Ethereum Challenger In 2020
- Ethereum Classic News7 days ago
Ethereum Classic Is With Solid Fundamentals Despite Recent Losses
- Ripple News7 days ago
XRP FAQ: The 7 Most Common Questions Asked About Ripple