Cryptocurrency giants Coinbase and Circle form joint venture

[randall_boss]

Two of the largest cryptocurrency companies, Coinbase and Circle, are joining forces to establish more ground rules in the quickly evolving asset class. The start-ups announced a joint-venture known as the "CENTRE Consortium" on Tuesday, which they say aims at speeding up adoption of cryptocurrencies backed by actual government currencies like the U.S. dollar.

"Coinbase and Circle share a common vision of an open global financial system built on crypto rails and blockchain infrastructure, and realizing this vision requires industry leaders to collaborate to build interoperable protocols and standards," Circle co-founders Jeremy Allaire and Sean Neville said in a news release Tuesday. Circle launched its own U.S. dollar version of what's known as a "stablecoin" in May. The fintech company, valued at $3 billion in its most recent funding round, has made a series of deals and announcements in a long-term bet that despite bitcoin's price slump, the crypto economy is here to stay. The "USD Coin" was one of those bets, and as of Tuesday it will trade on Coinbase's popular cryptocurrency exchange. This is the first time Coinbase has supported a stablecoin, which it said is "fundamentally different" from other cryptocurrencies.

Bitcoin's price has fluctuated wildly since its rise to nearly $20,000 last year, making it almost impossible to use as a viable payment alternative. A stablecoin like Circle's USD Coin, in comparison, is meant to represent a single U.S. dollar. It is a 1:1 representation of the greenback, just built on the ethereum blockchain. Each USD Coin is collateralized by a corresponding U.S. dollar, held in accounts subject to regular public reporting of reserves, Circle said.

What are people's thoughts on this? Will it achieve what it's founders claim it will?

Information taken from the article "Cryptocurrency giants Coinbase and Circle form joint venture to boost adoption of dollar-backed digital coins" found here : https://www.c[Suspicious link removed]m/2018/10/23/cryptocurrency-giants-coinbase-and-circle-form-a-joint-venture-to-boost-adoption-of-dollar-backed-stable-coins.html

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[bitChipper]

More stable coins are good and I have posted before about how they will un chain the industry from Tether, which was a huge systemic risk last year. All the new stable coins will add more liquidity hopefully during a new bull run.

But with circle and coinbase I think it does kind of bring more credibility but it takes away from the anonymity aspect of crypto, I would rather use a nice DEX than coinbase to be honest. Same with poloniex, owned now by circle you know your trades are being watched.

[Brauloth02]

There is a war coming in the field of stable coins. Tether's world got shaked up a lot after that scandal. I think coinbase and circle are trying to cash in on the situation here. People are more inclined to stable coins since it sounds almost like a fiat. It will be fun to watch.

[Lirawyr011]

Tether has created a huge confusion among the people. It will be interesting to see how it works out.

[Thigobeth3]

This join venture might indicate some form of positivity. Both coinbase and circle ar at the top of their game and they can achieve a lot more by their joint effort.

[Deani106]

Coinbase and circle are working together for a stable coin as a war of stable coins are coming and they are looking to make a profit from it. After the tether situation people are looking for a good stable coin.

[kingzpro]

Looks like this partnership among these two giants is limited to the stablecoin called usdc at the moment, i hope they will do more especially for the mass adoption of the cryptocurrencies, i will admit here that coinbase is one of my favorite crypto platform but it needs to provide more features to the common man so that cryptos can be bought and sold conveniently.

[l10no]

whether it will work, when will it be realized, while socialization is only limited to this, how will people see your project succeed

[Accts4u2]

We will have to wait and see what happens with this joint partnership that they just created, there is no way to tell now if the project is going to work out the way they planned it. Coinbase is a big company and there is a lot that they can do with something like this so we just have to wait and see what they are going to do with it from here on out

[xPASTELx]

This is a good partnership but I guess there is no way to know for sure but to wait and see what they both come up with in the long run. There are a lot of partnerships that look good from the start but somehow go wrong, I don't think this is going to fail though, I mean we all know that with coinbase it is only the best of things that they do