OnRamp’s AUDRamp goes live as first AUD-backed stablecoin cryptocurrency
It's like tokenising Australia's crypto-friendly regulatory climate.
Shortly after the announcement of a still-unnamed AUD backed stablecoin from Bit Trade and Emparta, set to launch in 2019, OnRamp Technologies has gone live with the world's first fully operational and fully compliant fiat-backed AUD stablecoin.
The move comes as part of OnRamp Technologies' broader efforts to tokenise assets as part of an ASIC-registered managed investment scheme. AUDRamp (AUDR) is up first, along with the slightly mind-bending ERC20 bitcoin-pegged BTCR, which is, in a sense, putting bitcoin on the Ethereum blockchain.
AUDR got the stamp of approval from Australian regulators on 8 June, making it one of the earlier projects to achieve that level of formal recognition.
Beyond being an easier way to get at crypto, their compliance chops mean that AUDR and BTCR are almost akin to a tokenised form of Australia's crypto-friendly regulatory environment.
What it's all about
The initial goal is to create an easy, compliant and fully registered way for financial services and wealth management advisers to give their clients access to cryptocurrency exposure, and a way of hurdling over some of the potential risks and regulatory barriers.
As the OnRamp name suggests, it's all about an easy way into digital assets.
Onboarding is done in connection with OnRamp partners at Hut34, Australia-based creators of the first Google-powered Ethereum wallet (and owners of a very tastily-designed website). This lets users get at an OnRamp wallet, which can be managed through one's own Google account and which might go a long way to removing the mystery of the process and turning it into something downright familiar for most.
From there, AUDR can help bring users closer to easy and unrestricted access to the crypto space. And transparent as the blockchain is, it might also be a very interesting way of seeing where the money tends to go in an anonymised way.
"We're thrilled to be offering OnRamp to Australian investors," said OnRamp's Tim McNamara. "Dollars on the blockchain is a regulated and compliant way for your customers to get into crypto. The first asset is AUD, and we're accepting applications from Australians through our website."
"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," said Peter Godbolt, also of OnRamp.
The element of legitimacy and protection under Australian law is worth emphasising. With regulations rapidly shifting underfoot, a lot of crypto companies need a solid place to stand and put funds, while retaining the benefits of blockchain ease.
Bitcoin Australia CEO Rupert Hackett has described an Australian foundation as an advantage that can be leveraged when expanding a crypto company overseas, and it's similarly been enough to draw other crypto companies to Australia in search of a place to stand while they leverage crypto to move the world.
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VET, XLM, BTC, ADA