Ecoin Partners With XinFin To Create Stable-Coin Banking Solution
The stable Coin market just hit $120 Billion and looks like it’s not slowing down any time soon.
Unlike cryptocurrencies like Bitcoin or Ethereum which are highly volatile, the value of Stable coins like USDT, USDC is pegged to the value of the U.S dollar, this can offer a friction-free banking experience for millions of users in the developing world.
Ecoin believes the ‘The next generation of banking apps will be built using stable coins and on blockchains like Xinfin’ (a purpose-built blockchain for trade finance)
Apart from Remittances, people in developing countries are using stable coins as a means of escaping inflation in their local currencies (like in the case of Lebanon which just suffered from 90% inflation in 2020). Stable coins are also increasingly being used for grocery shopping in places like Lebanon which are already dollarized ( with physical notes ). About the new partnership reps at Ecoin had this to say.
The partnership between Ecoin and Xinfin aims to accelerate the stable-coin powered baking-rush on blockchain and unleash opportunities never imagined.
Ecoin is currently one of the fastest-growing crypto wallet & exchange ecosystem in terms of the userbase which recently crossed 1.25 Million users across different geographies. The goal of the company is to onboard 100s of millions of users into the crypto ecosystem for stable coins banking and also into long term investment options like Bitcoin, and claims that their platform is 10x less expensive to onboard as well as more stable and more secure. Ecoin says their team has spent over 2-years perfecting user-onboarding & fraud prevention and has deep know-how of developing countries and the cultural nuances, and therefore makes them more secure than competitors like World Coin.