Whether Bitcoin, Ethereum and the blockchain technology are transforming the world is a matter of discussion in the financial world. However, there are a lot of them who are ambitious and want to win any cost being the billionaire in the process.
Worthy to note, Dorothy Jean Chang, the vice president of the Marketing and Communications Department for Paxos, declared in a tweet early on Monday that they have rolled $36 million-worth of stable coins in exchange for USD deposits.
The boom and the bust of the cryptocurrency industry have been surveyed by the industrial pioneers.
The spokesman for Paxos stated, “We are over 50M already.”
There are many who still do not understand the blockchain technology. When a layman tries to understand the blockchain they need to understand consensus algorithms, hash functions, Byzantine fault tolerance theory, and a lot more.
Of note, the New York Department of Financial Services has already approved PAX as one of the first stable coins backed by regulators. The USD reserves of PAX are periodically audited by Withum.
It becomes necessary to use a lot of analogy to understand the blockchain concept. There are generous understatements revolving about crypto already. Of note fortune reported about Tether “ It has been suspected for long that the Tether operation has been used to buy loads of Bitcoins for nothing.”
The craze for ICOs exploded into different types of stories like “Tether sending all of its freshly minted tokens to Bitfinex” the story further expands thus: The price of the Bitcoin gets to be more when it reaches Bitfinex.
There are stories of cryptocurrency billionaires and stories of those who have lost in the price volatility upset from early this year. Despite, there are CEOs who are doing what it takes to push the crypto market forward.
However, the cryptocurrency is yet to interact with the rest of the society, and it will definitely help improve the mainstream world, but a lot has to happen before the crypto can enter the economic and investment cycles.
Now, Wall Street is getting ready to pack up digital assets for the masses. Mainly because they are able to see that these tokens are appealing to millennials. There is a definite shift of interest on the cryptocurrencies from the retail to the institutional side.
The new impression about investor interest waning with cryptocurrencies is not true. Adam White a veteran of Coinbase stated, “Cryptocurrency markets go their own way, we see bull and bear markets.”
White firmly believes that the fundamentals, trading volumes and the advancement in technology will take cryptocurrency to go places.
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