Press releases
CoolBitX partners with Circle to bring stablecoin USDC to the CoolWallet S
Bitcoinist | Oct 25, 2018 | 04:45
CoolBitX’s CoolWallet S now offers full support of Circle’s stablecoin, USDC, allowing easy exchanges and rapid investment hedging.
Taipei, October 2018 – CoolBitX, the secure crypto hardware wallet producer, announces its partnership with Circle, the global crypto finance company. CoolWallet S users can now store the USDC stablecoin on their secure hardware wallet and swap it out for other digital assets any time, any place.
The value of digital assets can fluctuate significantly daily, making quick, friction-free trading an absolute necessity to achieve cryptocurrency mass adoption. However, entering and exiting the crypto market is not as easy as it should be. Currencies must be swapped out for fiat on notoriously vulnerable open exchanges. Trading crypto for fiat also requires extremely time consuming bank wires that incur much higher fees than normal crypto-to-crypto trades. Difficulty trading and the common concern of not being able to physically hold digital assets are key issues leading to widespread distrust in alternative currencies. Without this trust, cryptocurrencies cannot go mainstream.
Stablecoins, such as USDC, are cryptocurrencies pegged to a stable asset. Circle’s USDC (USD Coin) is a full reserve US dollar-backed stablecoin based on the CENTRE project. Each USDC token has the value of one US dollar. The partnership with Circle will allow CoolBitX users to store USDC on their CoolWallet S and quickly and easily exchange it on the CoolBitX native app. CoolBitX’s native app is the simplest, cleanest crypto management tool on the market, attached to the most secure hardware storage option available. The CoolWallet S features 2+1 factor authentication security and a physical confirmation button on the card to prevent hacking attempts, and the app and card together operate independently without any third-party plugins or key sharing. Everyone – from crypto-connoisseurs to non-techie new investors – can now make stable investments on CoolBitX’s secure, user-friendly app. This combination of simple design, fast exchange, total mobility, and unmatched security make it a natural choice for USDC storage and management.
“USDC is more than just an incremental improvement on open and inclusive stablecoins,” said Michael Ou, Founder and CEO of CoolBitX. “USDC is an exceptional improvement on asset-backed stablecoins due to its ability to scale. We believe that the combination of CoolWallet S and USDC will play a crucial role in minimizing digital asset exchange rate volatility at scale and maximize the ease and security of crypto exchange. We are excited to drive this mission forward with Circle and the CENTRE protocol by listing multiple liquid USDC trading pairs. For investors looking to hedge their portfolios, this partnership is key. For example, in times of decline, users can move their investments into a USD-backed digital asset with unprecedented ease while they watch crypto prices fall, then instantly swap it back again when prices reach bottom for great profit. By using the CoolWallet S, users can rest assured that their currencies are safely kept offline on their credit card-sized hardware wallet, and not on a vulnerable exchange or software wallet.”
This cooperation comes amid several big announcements from CoolBitX, including the US launch of the CoolWallet S at a new $99 price point, the release of a co-branded wallet with the Litecoin Foundation, and complete native-app support of all ERC20 tokens, making CoolWallet S the first hardware wallet to empower users to add any ERC20 token they choose without needing to use third-party tools.
About CoolBitX
CoolBitX, founded in 2014 by Michael Ou, is a FinTech and blockchain security company specializing in manufacturing secure, US-patented digital asset hardware and developing smart contract platforms for millions of users. Backed by $13 million in funding from investors like SBI Holdings and Bitmain, CoolBitX believes the faster decentralized blockchain technology achieves mass adoption and allows people to stop relying on unsecured centralized institutions, the better.
About Circle
Circle is a global crypto finance company on a mission to make it possible for anyone, anywhere to help change the global economy. Circle was founded in 2013 because it believed money should work like the internet — open, secure, free, everywhere. Today, Circle offers four products: Circle Invest, Circle Pay, Circle Trade, and Poloniex.
