Australian dollar now on the blockchain with new stablecoin

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Cryptocurrency and Blockchain News

OnRamp Technologies claims to have developed the first Australian, fully compliant, ERC20 stablecoin.

The company says the “operational” and “fully compliant” fiat-backed coin, termed ‘AUDRamp,’ was approved by the Australian Securities and Investment Commission in June, 2018.

OnRamp provides the ability to ‘tokenise’ dollars on the Ethereum blockchain,” a company spokesperson said.

“This is a game-changer for many Australians, who are currently assessing the cryptocurrency market and uncertain about how even to begin trading.

“Financial services and wealth management advisors are increasingly being approached by their clients, asking them for advice and ways they can both access and manage a portfolio inclusive of cryptocurrency.

“Various risks and lack of regulatory oversight have been barriers, until now.”

OnRamp Technologies says it has also allowed easy onboarding through their alliance with Hut34 (Entropy Foundation), which is a provider of the world’s first Google powered Ethereum wallet.

Users will be provided with an OnRamp wallet that is managed through their own Google account.

Tim McNamara from OnRamp Technologies says he is thrilled to be offering OnRamp to Australian investors.

“Dollars on the blockchain is a regulated and compliant way for your customers to get into crypto,” Mr McNamara said.

“The first asset is AUD, and we’re accepting applications from Australians through our website.”

OnRamp says the application itself is “exceptionally easy to use, with technology taking a back seat to usability, with the aim of unlocking the power of the blockchain for all.”

“Providing a managed investment scheme under the strong protection of Australian rule of law is a first, and really unlocks huge potential from here on in.

“We’re starting with dollars on the blockchain, and think you’ll be as excited as us to see what’s around the corner.”