Stable currencies are all the rage as of late, primarily because they aren’t prone to the price swings and volatility one often witnesses with mainstream digital assets such as Ethereum and Litecoin. If you want to invest in crypto but are nervous about the prospects, stable currencies could be the answer. Now, they’re earning an even larger boost through companies like Coin Source, a Texas-based operator of cryptocurrency ATMs.
Coin Source Brings Stability to Crypto
The venture recently announced that it would be adding the stable asset Dai to its many ATMs located throughout the southern United States this summer. The addition of the coin is “in preparation” for what the company calls a widespread remittance program, in which workers will be able to send money home to their families in the form of Dai or other cryptocurrencies that they can trade or sell.
Travis Gough, chief product officer at Coin Source, comments:
In remittances, people want to save as much value and they don’t want to be subjected to the high volatility that you’re seeing in bitcoin and other cryptocurrencies that can be very speculative.
Price swings are a persistent worry in the crypto space, and likely never to leave enthusiasts’ minds fully. At the same time, it’s easy to suggest that currencies like bitcoin are suddenly easier to accept given these swings are now traveling north. Since April of this year, bitcoin has been enjoying a serious bull run, having jumped by nearly 200 percent in just the last three months alone.
After a lengthy period of traveling through the doldrums at the mid-$3,000 range, the currency began its new string of price spikes last April with a sudden (and unexpected) jump to $5,000. The good news this time around is that bitcoin’s sudden behavior is likely being sparked more by market trends, which will make this bull run more stable than the one that occurred in 2017, reportedly the subject of manipulation by users of the stable currency tether.
Along with bitcoin, currencies like Litecoin have also surged in price, heightening the crypto space’s present levels of legitimacy.
A New and Improved Way to Send Money
The Coin Source remittance service – which will at first be available to customers only in the United States – will allow ATMs to transfer Dai and other digital assets between wallets. Once a customer receives funds, they can forward them to the wallets of selected parties granted those parties have satisfied all of Coin Source’s know-your-customer (KYC) requirements. Receiving individuals can then confirm the funds and trade or sell them accordingly.
All transactions occurring by way of Coin Source are recorded onto the Ethereum blockchain. At press time, the company operates more than 230 ATMs in nearly 30 states and in Washington D.C.