Blockchain wallet bets on stablecoins

  • The company is contemplating a partnership with undisclosed stable coin project.
  • The CEO of the company believes that stable coins are the future.

The worlds’ largest bitcoin wallet service providers Blockchain plans to enter a partnership with stablecoin issuer by the end of 2019. However, the company does not reveal the name of the potential partner.

“There’s a big race between stablecoins right now… Everyone is competing very hard to get their stablecoin out there and to have distribution. I think that market’s going to be really interesting. We will make a move in there soon,” CEO Peter Smith said n the interview with Block.

The company is fascinated with cryptocurrencies backed by fiat or other assets and moves to the status of the most significant player in the crypto universe.

Mr. Smith refused to elaborate on partnership details, only mentioned that it was all about stablecoins. Thus, 32 million Blockchain service users might be able to store certain stable coins in the wallet.

It is worth mentioning that the company has invested in undisclosed stablecoin projects.

“I think all major stablecoin projects at the moment believe they need us. The question is which one do we decide that we need?” Smith said.

Blockchain company was established in 2011. In recent seven years, it raised $70 million from large investors including Richard Branson, Digital Currency Group (DCG) and Google Ventures.

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.