According to an update on the crypto platform’s help page, Coinbase wallet will no longer support payment network Ripple’s XRP token. The digital asset is not the only cryptocurrency Coinbase has delisted as Bitcoin Cash, Ethereum Classic, and Stellar will also be unavailable. Coinbase Halts Wallet Support for XRP, BCH, ETC, and XLM The delisting will take effect from January next year and Coinbase’s wallet application will drop support for the aforementioned tokens. Coinbase Wallet like MetaMask and similar providers…
The crypto market is under the complete control of bears, investors taking short positions to profit from declining prices. In this unstable environment, new capitalists are fearful or skeptical when funding projects. Instead, they turn to more reliable assets that would not wipe out their portfolios when or if they flop.
Gold-backed tokens represent a category of assets ready to provide portfolio stability and allow investors to overcome the bear market without too many losses. On the contrary, gold-pegged tokens may even help them make a profit.
This article discusses the reliability of gold-backed tokens and the tools that could help them reach mainstream adoption.
Why Turn to Gold during the Crypto Bear Market
Gold is one of the best-valued assets worldwide. It precedes present-day fiat currencies and enjoys a millennia-old symbolism of tangible value, status, and wealth. Moreover, during severe economic crises, gold tends to increase in value or at least maintain it. That’s because people place their money in trialed-and-tested assets when resources are scarce.
Gold-backed tokens are virtual assets on the blockchain that peg their digital value to the real-world price of gold. Generally, every such token is backed by a physical ounce of gold, which trusted custodians keep in safe storage. When gold prices go up, these gold-pegged tokens become more valuable. Conversely, when the price of gold diminishes, so does its value.
The best part about gold-backed tokens is they allow people to invest in gold without worrying about its storage, transportation, or safety. Moreover, the somewhat stable gold value makes these stablecoins highly resistant to crypto market volatility. So, even in times of bear control over the market, they remain relatively at the same value. As a result, they could become a means of exchange for investors, businesses, and institutions.
Gold-pegged tokens like AABBG, Paxos Gold, and Tether Gold are among the top crypto assets with real-life liquidity. Also, they benefit from widespread community support, and increasingly more companies, merchants, and customers are using them.
Gold and crypto are steadily strengthening a partnership that could make crypto payments more stable even in dark economic periods. However, a secure gold-backed token is not enough to make it happen. The many actors on the commercial stage, including businesses and customers, need reliable and lucrative tools supporting economic operations.
Crypto Payments on the Rise
A survey from Visa reveals that almost 24% of small and mid-sized businesses are ready to accept crypto payments. The new digital economy is here, and cryptocurrency payments are increasingly credible as merchants and companies discover their numerous benefits.
Spearheading this revolution is PayAABB, a crypto payment gateway developed by Asia Broadband, Inc. (OTC: AABB). This innovative crypto payment processor will link with the rest of AABB solutions to provide a valuable tool for merchants and customers. This service will enable businesses to accept online and offline payments in over 400 digital coins.
The upcoming PayAABB crypto payment gateway will allow customers to send AABBG and other cryptocurrencies by email, SMS, QR codes, or social media through the iTransfer feature. Furthermore, B2C and B2B companies can accept crypto payments for their products and services.
PayAABB supports cross-border transactions, instant payments, and over 60 trading pairs. Some of its best benefits and features include:
- Zero deposit fees
- Connected with other AABB products and tools, such as the AABB Wallet and the AABB Exchange
- Multi-level security with passphrase and PIN code protection
- KYC/AML procedures
In late 2021, Asia Broadband launched the AABB Exchange. This feature enables token holders to trade in popular cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, PerksCoin, Dash, Cardano, EOS, Tron, and IOTA.
Furthermore, businesses can use it to convert incoming crypto payments into fiat currency funds. This process is almost instant and does not require the approval of third parties and intermediaries.
Lastly, PayAABB comes with easy installation and user-friendly features. This way, all businesses can install and use it right away without tech skills, knowledge, or advanced training. For example, merchants can add it as a plugin to diversify their payment options. Above all, it does not require investments in additional software to make it work.
PayAABB, together with the other AABB tools, should make crypto payment a standard method of paying for goods and services with widespread adoption.