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The crowded field of stablecoins in the crypto market will soon welcome another contender.
Anchor, the company behind a new algorithmic stablecoin by the same name, today announced the release of its digital wallet, which will enable users to begin buying, selling and trading Anchor (ANCT) tokens.
The Anchor Wallet, however, will only be available to a select number of users while it remains in a closed beta. The company expects to open up trading of the ANCT stablecoin by the end of the month, when Anchor hits the Tokyo-based Liquid cryptocurrency exchange—the first crypto exchange to list Anchor.
“Anchor and Liquid’s commitment to transparency and regulatory compliance makes Liquid an ideal fit to be the first exchange to list the Anchor token,” Anchor’s CEO and founder Daniel Popa told Decrypt. “I am proud of the Anchor team in working so hard to get us to this milestone point,” he said. “Anchor is committed to offering token users long-term price stability, preservation of purchasing power, and protection against inflation, while hedging market volatility.”
Based in Zug, Switzerland—a region known as “Crypto Valley” for its many blockchain startups—Anchor also maintains offices in both Europe and North America. While production on the stablecoin began in March 2018, its parent company, Anchor AG, wasn’t officially established until December of that year. The Anchor Wallet, which the company began developing just over two months ago, is being released in partnership with blockchain infrastructure provider Ambisafe.
At the moment, Anchor is looking for specific crypto investors to participate in the beta testing of its new wallet. “Crypto enthusiasts with trading experience who can contribute to improving the user experience are welcome to apply,” said Popa. “Applicants for the beta testing who meet the minimum trading experience required will be accepted on a first come, first serve basis with up to 1,000 traders in the beta phase that will run until the end of 2019.”
To take part in the testing, Anchor is asking prospective users to join the company’s Telegram community and register on its website. Participants will be asked to provide feedback regarding how the wallet can be improved and updated for a better user experience, which is where Anchor will attempt to separate itself from other similar projects.
Despite the moniker, stablecoins are still susceptible to the same market fluctuations, depreciation and loss of purchasing power as their traditional counterparts, according to Popa. Where Anchor differs is that instead of being tied to a specific form of fiat, the currency is pegged to the global economy through what the company calls the Monetary Measurement Unit (MMU), a program that tracks macroeconomic indicators to provide accurate measures of value in real-time.
“By pegging the Anchor token to the real growth of the global economy via the MMU, ANCT will preserve its value and appreciate over time, outpacing inflation and ensuring that whatever you have earned in your life will not lose value,” Popa said. “Our vision is to create a stable platform for any crypto or traditional currency to peg their value to, and to be a cornerstone for price stability as a global currency and financial standard.”