e-Money introduces fast, frictionless swapping of currency backed tokens into the Cosmos ecosystem
With the world’s largest funds pouring millions into Bitcoin, the eyes of the world are on cryptocurrencies once again. Although the global acceptance of Bitcoin seems more imminent than ever, cryptocurrencies are known for their volatility with aggressive price swings and market manipulation commonplace.
e-Money offers users a solution that enables the everyday user to exchange traditional money for cryptocurrencies without the palpitation-inducing volatility. With a fast and easy to use global payment system underpinned by distributed ledger technology, users can exchange currency-backed and interest bearing stablecoins.
Currency backed, interest-bearing stablecoins
e-Money’s stablecoins are currency-backed, collateralized with a dynamic peg that tracks the underlying interest rate of the same currency as which they are issued. e-Money users can currently choose from several currencies including EUR and CHF, with plans to implement USD, GBP and JPY in the near future.
A standout feature of e-Money’s currency backed stablecoins is that they are interest bearing. With many central banks’ interest rates near-zero or negative, interest on government bonds and bank deposits is dwindling; e-Money offers an experience similar to that of a savings account and each year the supply of e-Money stablecoins is inflated by 1% with the underlying interest on the reserve passed on to the user.
The recent launch of the e-Money DEX, which supports trading of all currency-backed stablecoins as well as the platform’s native NGM token, also offers users zero execution fees on trades as well as no listing requirements. The project looks to increase stablecoin adoption both within the DEX and throughout the Cosmos ecosystem, and e-Money has planned bridges to the Ethereum, Avalanche and Polkadot networks.
The e-Money NGM token
NGM is the e-Money platform’s staking token and as well as paying for transaction fees, holders are incentivized to stake their tokens in order to be eligible for NGM rewards which come from transaction fees and inflation of the NGM token supply. The total supply of NGM tokens is inflated by 10% per year and distributed as staking rewards. Staking can be done via wallet.e-money.com where validator yield information can also be viewed.
Polkastarter Public Sale
e-Money will be conducting a public sale of the platform’s native NGM token on the 19th of January 2021 at 12:00 CET on the Polkastarter platform. Taking place in the form of Initial Decentralized Exchange Offering (IDO) a limited supply of 300,000 NGM tokens will be available for purchase at a fixed price of USD 0.50.
Polkastarter is a DEX built for cross-chain token auctions that enables projects to raise capital in a decentralized environment and, with the recent successes of projects launching on the Polkastarter platform, the e-Money IDO is expected to be another popular event.
Image by SpaceX-Imagery from Pixabay
Credit: Source link
