EXR Foundation Ltd. announced their plans to launch stable digital asset EXR shortly, as an alternative to Libra. This development was on 21 June.
EXR Foundation described EXR as a stable-price virtual asset that endeavors to bridge the gap between blockchain and financial industries. EXR Foundation also added that the token offers a kind of solace in the international trade conflict. EXR Foundation drew an analogy of the token to real-world assets informing that this was the trend of the new asset class. EXR token would distinguish itself from Libra by being pegged to fiat currencies.
Mr. Norihiko Ishihara, the founder of EXR Foundation Ltd., had to say –
“With the formation of EXR Foundation, we are bringing together highly-skilled members from dynamic and converging industries such as blockchain, telecoms, e-commerce, payments, social media and more. I strongly believe that EXR will lay a vital foundation to help facilitate seamless payment operations across these diverse industries and foster increased stability against any adverse socio-political issues.”
EXR Foundation clarified that currencies that would be part of EXR basket would be decided at a later stage. EXR Foundation noted that the token is designed to act as a store of value, simplify transactions and act as a contingency in case of a trade war between countries. The EXR token would also be managed by professionals and monitored by an audit firm. This is in a bid to comply with regulatory requirements.
EXR Foundation indicated that the token would maintain the basket currencies in a transparent platform to ensure the balance of funds. EXR Foundation clarified that the asset would be redeemable against the respective fiat currencies. The logistics involved in the lifecycle of EXR token is that they would be minted when required and burnt after they are redeemed. A factor to be considered is that tokens under circulation should never exceed the reserve.
Similarly, a Bitcoin pegged token was introduced on Binance Chain. The offer would extend to other cryptocurrencies starting off with Bitcoin. Like a piece of candy, the offer would be scaled to trade on Binance DEX also. Pegged tokens are 100% backed by native coin.
EXR Foundation wrapped up by conveying few of its salient industry engagements. EXR Foundation is a fintech firm committed to providing better financial services. It endeavors to achieve this through the application of latest blockchain technology and digital asset ecosystems. EXR Foundation also invests in companies which it analyzes through its insight and access to capital.