Coinbase, Peter Thiel and Others Back Stablecoin's Project

Stablecoin's new project that would seek to stabilize cryptocurrencies for them to function as money has received support from various bodies and individuals. This new project has received backing from renowned investor Peter Thiel and Coinbase and other 40 different organizations. The initial phase of this project which is referred to as "Reserve". This decentralized platform works in such a way that it looks up at other cryptos in a smart contract way to offer backing to the token as well as stabilize the price. Nevan Freeman the founder of the Reserve project to be launched has stated that the seed funding was kept small and that it focuses on partnership building rather than the amassing of huge capital like others.

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Freeman went further to reveal what differentiates this particular project from Stablecoin, he stated that the main purpose of the Reserve project is to use crypto tokens from outside our very ecosystem to maintain its peg especially in the initial stages. Freeman went further to reveal the main problem with the support of a peg on the Stablecoin platform stating that the loss of confidence in Stablecoin's smart contracts might spiral out of control. He went further to state that they have done all in their power to ensure that this problem is reduced to the barest minimum.

This Reserve project that is soon to be launched by the Stablecoin has already sought out advising roles in a financial consultancy company that is chaired by various officials of the United States Securities and Exchange Commission. Also, this project has been reviewed by various experts in the crypto industry each offering use cases. Jeremy Allaire is one of the persons to make a strong case for this project, he stated that the globalized money that this project seeks to bring would definitely be worth it and he went on to cite several examples to buttress his point.

This new project has gained support from some of the world's leading firms in the crypto community. One of the top exchanges in the world has also shown support for this project and according to the exchange, it has strong reasons to believe in the future and the type of service this project would offer users in the future. Other bodies that have shown support for this project include; Peter Thiel, GSR.IO, Distributed Global and a long list of about 40 various companies in and outside the crypto world has declared support.

The support this project has seen goes a long way to show that the project would prove to be beneficial in so many ways. This unprecedented support also shows that the project would definitely accomplish its set goals because of the number of reputable organizations and companies that are behind them. We can only wait to see the type of feature this platform offers and to see if this reputable team that backs it would be able to ensure that it achieves its desired aims and objectives.