Qoin is an Australian-made cryptocurrency that seeks to join USD Tether and other stablecoins as a currency good for saving assets in — as opposed to the volatile cryptocurrencies not tied to a widely adopted currency.
Qoin, however, does not rely on another currency, but rather on real-world goods and services.
More Takers, More Value
Qoin’s chief marketing officer Andrew Barker says the market for Qoin was envisioned as a currency that anyone can invest in, regardless of the level of expertise.
More precisely, it is for those investors who might still be queasy about cryptocurrencies, following the notorious tumble in 2017.
“Mums and dads” looking for something more stable to invest in, with the mindset, “I’m not going to make a fortune overnight but I’m not gonna lose a fortune overnight. “So based on each new Qoin merchant who joins the ecosystem, the value of Qoin increases.”
If many merchants affiliated with Qoin were to stop accepting Qoin as a payment method, the value of the cryptocurrency could tumble. However — since its introduction in January of 2020 — the value of the coin has risen from AUD 0.15 to AUD 2.01.
Party limousine operator Chris McMilan has put Qoin stickers on his vehicles to see if the new cryptocurrency garners interest — and he is not alone. From jewelers to grocery stores to service providers, Qoin currently has amassed nearly 8000 partner businesses — and talks with plenty of other businesses are always underway.
This week, Qoin has also launched in New Zealand, a move that proves the interest for the new cryptocurrency is rising. Whether Qoin becomes a big player on the Australian market — and APAC at large — it is a project that fits in nicely with the government’s prediction that by 2030 cryptocurrencies will contribute $3 trillion to the national economy.