Australia: Bankcoin launches gold standards in crypto-currency exchange ecosystem

Tuesday 22 July 2014 13:57 CET | News

Bankcoin Reserve has informed that crypto-currency exchanges can now peg Bankcoin to the 1oz gold price around USD 1,300 on the stock market, beginning with 1 August 2014.

Bankcoin’s move is aimed at decreasing volatility for traders, investors, and the broader community of the digital currency environment.

The decision follows market testing between June and July 2014 that revealed strong interest in a gold valuation-based crypto-currency.

Bankcoin, a Proof of Stake coin with interest rates up to 10% per year, now enables banks, financial institutions, investors, traders and exchanges which support the digital currency to have a store of value and a stable price which can be used to do business.

Bankcoin will provide the store of value part of the equation while Bitcoin remains the medium of exchange that can grow exponentially in value, to cover the notable demand in the near future.

There are 10,000 BANK allocated to each exchange that confirm the peg for 1 August 2014. Bankcoins were mined in a 10 days period.

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Keywords: Australia, Bankcoin, gold standards, crypto-currency, exchange, online payments, digital currency
Categories: Payments & Commerce
Countries: World
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