Former Employee Of Tether To Create Stablecoin Exchange Service
Phil Potter, former manager of the Bitfinex and Tether crypto companies, together with the financial firm XBTO, is developing a stablecoin exchange service, CoinDesk reports.
The Stablehouse.io platform is under development. It should solve the problems of traders related to liquidity, which today hinder the stablecoin market development.
Stablehouse will play the role of a usual clearinghouse that will exchange stablecoins at a current liquid price on the market with small fixed commission payments. It will provide the support of transactions with the most popular stable tokens.
Philippe Bekhazi, CEO of XBTO, will administer the platform's creation. The advisory council will also include Phil Potter, David Namdar, co-founder of Galaxy Digital, and the main strategist at Blockstream Samson Mow. Their principal goal is to develop an infrastructure that will allow for the broadest possible distribution of stable tokens and cryptocurrency as a whole. Soon, the team expects to receive permits from the regulatory organization of Bermuda.
Stablehouse will help solve the difficulties arising during the conversion of various stablecoins, provide access to liquidity to issuers, owners, trading platforms, and will inspire the trust of depositors, developers, and traders, Bekhazi stated.
As previously reported, the Huobi trading platform announced plans to launch its own stablecoin in 2019.