Australian Exchange Co-Founder: ‘Stablecoins Are A Game Changer’

The co-founder of the Australian based cryptocurrency exchange named CoinJar is in the recent cryptocurrency news. According to him, the newly introduced concept of stablecoins is a game changer for the industry and has many potential use cases.

First reported by the Australian Financial Review site, the statement of this co-founder aims to combat the volatility of the market by creating a token that can be converted into other tokens – however, with a fixed rate.

Tan, who is running the Australian crypto exchange named CoinJar, believes that stablecoins let people “transfer money around the crypto ecosystem at a stable rate” and “there are a lot of applications and use cases that could come from them.”

The Aussie entrepreneur also argues that the idea of stablecoins might be attracting both retail and institutional investors. As he stated:

“In London, I see a lot of finance people getting into it. People with 10, 20 years of forex experience are trying their hand at it. It’s drawing a lot of people from traditional financial circles, just because it’s interesting, it’s intriguing, there’s a lot of upside to it.”

Meanwhile, his exchange CoinJar, will consider the possibility of floating a stable currency, even though the market has a number of players in that circle, according to Tan. As he added in the report:

“There are a few Australian stablecoins already – I think there are three or four out there. I think many of them would be happy for us to utilize them. The question is, how do we try to leverage some of these things to provide a better user experience for our users?”

Earlier this year, CoinJar introduced the first cryptocurrency index fund, offering wholesale investors with net assets of more than $2.5 million (AUD) to cryptocurrency while shifting the custody responsibility to CoinJar.