Chrono Tech, the blockchain company behind AUD Token (AUDT), a stablecoin pegged to the Australian dollar launched the project without supports from the country’s main banks.
Hosted on Chrono Tech’s native cryptocurrency trading platform, users can convert crypto coins and tokens to AUD Token (AUDT) 1:1 ratio.
However, Sergei Sergienko, the firm’s CEO said they have yet to successfully secure partnerships with Australian banks.
Crypto firms having a hard time breaking into banking system in Australia
Sergienko told Cointelegraph navigating red tapes, regulations and chain of command in Australia’s banking system has been challenging; especially for blockchain projects such as a stablecoin or anything crypto related:
“There was discussion with a couple of the big four [Australian banks], and everybody in their research teams were excited about it, but nobody wanted to take the first step.”
Although Chrono Tech faces difficulty signing Australia’s big banks, he said smaller and emerging banks (ebanks etc.) are receptive to his AUD Token (AUDT) stablecoin proposals and blockchain in general:
“The new banks are very receptive towards crypto, because as they struggle to gather adoption and [try] to switch people to them. They are looking at crypto as a niche of sorts. They don’t throw you out the minute they hear crypto.”
Sergienko refused to name the banks he approached in order not to completely turn them off.
AUD Token (AUDT) stablecoin as standard for Austrian commerce internationally
Sergienko’s ambition is that AUDT becomes Australia’s preferred payment method, international and domestic money transfer currency.
“The ideal use case for it is when somebody pay for something or gets money in an account in AUD, and they want to send it their friends, or pay for something — a service in the U.S. or whatever — they just click a button and the guy on the other end will receive in a couple of Ethereum blocks.”
“What I would like to see happening is AUD converted into AUDT, AUDT converted into USDC or USDT, [and] then converted into USD — all seamless and integrated. That’s what we are striving for.”
From Labour Hour Token (LHT) to AUD Token (AUDT) stablecoin
Chrono Tech, launched as a hourly labor record keeper in 2016 made the transition to stablecoin around March 2019. Prior to becoming a stablecoin, the first signed a number of legally-binding contracts they exited through mutual agreements.
“It became apparent that [LHT] was too hard for people to understand, so we thought a stablecoin based on AUD would be more appropriate, since we are based in Australia.”
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.