OVERSTOCK DEVELOPS STABLECOIN TO TRADE COBALT

Today, American e-Commerce giant Overstock and its subsidiaries blockchain company tZERO announced that the Hong Kong-based private equity company GSR Capital has begun developing a tZERO-based smart contract and stablecoin for payments in the cobalt trade.

tZERO and GSR Capital intend to build a digital ecosystem of contracts in Asia for the purchase of raw materials. In case of following  the regulatory requirements, the new cobalt token based on the tZERO blockchain will significantly simplify the process of cobalt purchase and delivery.

The choice fell on the GSR Capital tZERO because of their rich experience and the availability of developments in the field of stablecoins. Representatives of tZERO said:

“We are pleased to work with GSR Capital in a new direction, in order to create a precious metal-backed stablecoin.”

It should be noted that according to the results of the new study, the use of stablecoins around the world has increased significantly in recent months.