Wallex - an asset and digital asset ecosystem, launched in 2021 EURST - euro stablecoin
Hartford, USA, Aug. 01, 2022 (GLOBE NEWSWIRE) -- This year has undoubtedly been a tough one for crypto with the recent Terra disaster playing a big role in establishing the current bear market. For those who may be unaware, the TerraUSD (UST) stablecoin had lost its peg to the United States Dollar (USD), which meant that it was no longer considered a stablecoin and this triggered a massive selloff that ultimately led to a huge crash in the crypto market. Today, both UST and its sister coin LUNA are nowhere near as valuable as they once were.
Still, all is not lost as there are multiple projects trying to improve the market situation, restore trust, and help it along the road to recovery and reach the next bull run. Among these is Wallex, a platform that strives to be a viable alternative encouraging both freedom and creativity.
The importance of EURST
Wallex - an asset and digital asset ecosystem, launched in 2021 EURST - euro stablecoin, a 100% fiat asset-backed Euro stablecoin which is based on Ethereum's ERC-20 token standard. Essentially, EURST is fully committed to providing a reliable stablecoin for the markets with transparency as a top priority from the beginning. Many crypto investors have lost their faith in the market after the Terra situation, and the introduction of EURST is vital if this confidence is to be rebuilt.
Moreover, EURST was one of the very first stablecoins to adopt a level of third-party live attestation system and transparency. EURST relies on the Ethereum blockchain, live-attestation system, and also a full-reserve model to ensure consumer redeemability. The full cash reserves, held in USD and stored safely in an FDIC insured account, are indicative of Wallex’s forward thinking ability regarding EURST’s formation, and although the market is indeed prone to extreme levels of volatility and unpredictable behavior, EURST has become over-collateralized and more stable over time, as a result of the increase in both the value of USD and the USD to EUR exchange rate, since EURST is equal to 1 EUR.
No longer truly decentralized?
One of the key aspects of cryptocurrencies is decentralization. By eliminating the need for any third-parties, intermediaries or middlemen, crypto investors are able to trade these digital assets directly with each other. However, this also means that there is more risk if things go wrong, like they did with Terra. In that case, there is little to no hope to recover your last funds as the market is still largely unregulated.
Simone Mazzuca, Wallex Bank CEO and Founder, stated that in contrast to popular opinion, the cryptocurrency sector is no longer truly decentralized. There are certain advantages to this as it means that crypto investors are offered a greater level of consumer protection. In addition, stablecoins have a chance to become more reliable, transparent and borderless, paving their way to become a mainstream method of payment across the globe.
Wallex is a group of financial institutions offering a wide variety of assets, functioning projects and useful products, along with an all-encompassing technological ecosystem with services such as transparency, custody, neobanking, investing, trading, payments, compliance, tokenization, white label solutions, wealth management, and more.
Wallex is also compliant with any relevant AML regulations and is working on constantly upgrading it’s standard of services, while also offering plenty of innovative features and products, ensuring that its users are always safe. In essence, Wallex aims to be the ‘banking solution of the future’ that also adheres to the top management standards.
Disclaimer : There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. This is not an investment advice . Readers are encouraged to do their own research.
Contact Details :
CEO name: Simone Mazzuca
Company: Wallex Bank & Statutory Trust
Country/city: USA, Hartford