On the 20th January, we flew to Singapore to exhibit Constant at the first ever Binance Blockchain Week. The four-day event attracted over 2,000 people, and included a hackathon, conference, and a gala dinner (which we were honored to attend).
Stablecoins were a popular topic. Everyone we spoke to, from traders to CEOs, recognised the need for a stable, borderless money — especially in distressed economies in Southeast Asia and South America.
But what makes a good stablecoin?
We asked the people we met at Blockchain Week. Happily, Constant meets many of their expectations already:
- People want protection as well as stability. Attendees were happy to learn we insure each Constant account against loss for up to $130M.
- People want transparency. Attendees were eager to know how we made money, so our upfront, honest pricing was well-received.
- People want reassurance. Constant’s peg to the USD relies on the integrity of our USD reserves, so attendees were glad to know we use an accredited and regularly audited trust.
- People want to know we have a solid foundation. Attendees were encouraged to know that Constant is self-funded, rather than relying on external investment.
Many of the folks at Blockchain Week believe 2019 will be the year of the stablecoin. With a number of them in the market already, we were frequently asked what makes us different.
We believe it’s our focus on utility.
Millions of people around the world are suffering broken economies, whether through hyperinflation, inefficiency, or a lack of access to basic financial services. Constant is designed to be their lifeline — a stable, borderless, digital money that is available to anyone with an internet-enabled device.
We discussed this with Robert Miller of CoinTelegraph who had this to say:
In recent years, stablecoins have been a powerful tool, allowing people to trade cryptos whilst shielding themselves from the crazy price fluctuations of typical pairing currencies like BTC or ETH. It’s exciting to see Constant taking things to the next level by pushing the use and adoption of its stablecoin in economies that need it most.
It still shocks me that migrant workers, often earning minimum wage, pay commissions of up to 8% in order to send money home to their families. Perhaps the team at Constant will also cause massive disruption in the remittance industry? What is clear is that Constant has created a much greater vision for stablecoins and I’m looking forward to seeing how things develop in the future.
In many ways, Blockchain Week was a validation of our work so far, and reaffirmed what we already knew: the global financial system might be broken, but blockchain, and Constant, can help fix it.
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