XBTO and Former Tether Exec to Launch Stablecoin Clearinghouse
- Stablehouse aims to address patchy liquidity and bring stability to the stablecoin market.
XBTO, a provider of institutional cryptocurrency liquidity, along with Phil Potter, a previous executive at both Bitfinex and Tether, the world's largest stablecoin by market cap, are together reportedly launching a platform that will act as a clearinghouse for stablecoins.
According to an article from CoinDesk, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-focused media outlet, the platform has been named Stablehouse.io and is being created to address some of the key obstacles in the stablecoin market that stop it from reaching critical mass – patchy liquidity, stability, and accessibility.
The platform will operate similar to a traditional central clearing counterparty (CCP) and will facilitate the exchange of stablecoins at a liquid market price for a fixed minimum fee, the company said.
Initially, Stablehouse will support transactions between USDT, GUSD, PAX, TUSD, USDC, and DAI, with more to be added in the future. It is not clear when the exact launch date of the platform will be.
However, the company has revealed that Stablehouse will have its headquarters in Bermuda initially, with plans to secure a digital asset business license from the Bermuda Monetary Authority.
Stablehouse led by XBTO CEO
The founder of XBTO, Philippe Bekhazi, is leading the venture. He will act as interim Chief Executive Officer (CEO) for Stablehouse until a long-term candidate is found. Sitting on the Board of the company will be Potter, as well as David Namdar, a founding partner of Galaxy Digital and SolidX Partners; and Samson Mow, chief strategy officer at Blockstream, among others.
Philippe Bekhazi
Source: LinkedIn
Commenting on the platform, Bekhazi said: “The stablecoin market at the moment is inefficient and has various disparate stablecoins, with users needing to transact several times with different parties to exchange one stablecoin for another. Stablehouse will address this by serving as a centralized platform that gives issuers, holders and exchanges certainty over access.”
The ultimate aim of the partners is to provide the infrastructure that will help lead to the mass adoption of stablecoins and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.
XBTO, a provider of institutional cryptocurrency liquidity, along with Phil Potter, a previous executive at both Bitfinex and Tether, the world's largest stablecoin by market cap, are together reportedly launching a platform that will act as a clearinghouse for stablecoins.
According to an article from CoinDesk, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-focused media outlet, the platform has been named Stablehouse.io and is being created to address some of the key obstacles in the stablecoin market that stop it from reaching critical mass – patchy liquidity, stability, and accessibility.
The platform will operate similar to a traditional central clearing counterparty (CCP) and will facilitate the exchange of stablecoins at a liquid market price for a fixed minimum fee, the company said.
Initially, Stablehouse will support transactions between USDT, GUSD, PAX, TUSD, USDC, and DAI, with more to be added in the future. It is not clear when the exact launch date of the platform will be.
However, the company has revealed that Stablehouse will have its headquarters in Bermuda initially, with plans to secure a digital asset business license from the Bermuda Monetary Authority.
Stablehouse led by XBTO CEO
The founder of XBTO, Philippe Bekhazi, is leading the venture. He will act as interim Chief Executive Officer (CEO) for Stablehouse until a long-term candidate is found. Sitting on the Board of the company will be Potter, as well as David Namdar, a founding partner of Galaxy Digital and SolidX Partners; and Samson Mow, chief strategy officer at Blockstream, among others.
Philippe Bekhazi
Source: LinkedIn
Commenting on the platform, Bekhazi said: “The stablecoin market at the moment is inefficient and has various disparate stablecoins, with users needing to transact several times with different parties to exchange one stablecoin for another. Stablehouse will address this by serving as a centralized platform that gives issuers, holders and exchanges certainty over access.”
The ultimate aim of the partners is to provide the infrastructure that will help lead to the mass adoption of stablecoins and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.