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Hips Payment Group Launches Merchant Token (MTO), a Cryptocurrency That Will Bring Consumer Protection to Blockchain Payments

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Solution supports decentralized finance (DeFi) trend with consumer protection via smart contracts.

DUBLIN, Ireland (April 1, 2021) – HIPS Payment Group Ltd., a provider of innovative and cost-effective e-commerce and mobile payment solutions, today announced that their highly anticipated cryptocurrency, Merchant Token (MTO), has launched, alongside their Merchant Protocol (HMP) and the Hips Merchant Protocol Gateway (HMP-gateway).

HIPS Merchant Protocol (HMP), the Hips Merchant Protocol Gateway (HMP- gateway), and the governing Merchant Token (MTO) is a solution that introduces consumer protection concepts from the traditional card payment industry to any blockchain with support for smart contracts like Ethereum, Cardano (ADA), or Solana.

“We believe that the consumer-oriented features of the MTO are the missing piece for crypto payments to have market penetration and mass-adoption among mainstream consumers, says John Cavebring, CEO of Hips.

Merchant Token (MTO) is Hips Merchant Protocol’s (HMP) native protocol token, currently issued on Ethereum following ERC-20 standard. HMP will escrow ERC20 tokens in Ethereum’s blockchain as a start, but the protocol will work similarly on other supported blockchains like Cardano among others.

“HIPS Merchant Blockchain is the native blockchain for HMP and Merchant Coin (MEO), which is the on-block native currency on the Hips Merchant Blockchain, and is optimized for real-time merchant transactions created for Payment Service Providers (PSP) and EFTPOS devices,” added Cavebring.

A widely adopted, completely on-chain Merchant Payment Protocol would need to have comparable transaction throughput like US exchanges such as the NYSE from an underlying blockchain in order to scale.

“HIPS Merchant Blockchain’s near real-time transaction speeds are a vast improvement to the current blockchain response. Hips Merchant Protocol is not only built for Ethereum but also on Solana, a blazingly fast public blockchain that can support over 50,000 transactions per second, has block times of 400 milliseconds and a transaction cost of roughly $0.00001,” notes Cavebring.

With near real-time transaction speeds, in addition, that the Hips Merchant Blockchain is designed for merchant transactions regardless if they are mobile, instore or ecommerce and utilizes the interchange concept from the payment card industry, HIPS provides a solution for crypto payments to gain worldwide global consumer adoption.

The ICO (initial coin offering) launchpad is live from 1 of April 2021 to 30th of June 2021 and can be found at merchanttoken.org

More information about Merchant Token and the ICO can be found at merchanttoken.org or hips.com.

About HIPS Payment Group Ltd (hips.com)

HIPS Payment Group Ltd. is a provider of innovative and cost-effective e-commerce and mobile payment solutions. Built on cutting-edge technology, Hips is disrupting the finance industry with its Payment gateway for Point of Sale, e-commerce, and m-commerce, a fully integrated, digital financial commerce platform with full reconciliation and financing support.

Twitter: twitter.com/merchant_token

Linkedin: linkedin.com/company/hips-payments/

Website: merchanttoken.org/

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Blockchain

AgeUSD to Launch as First Stablecoin on Cardano Network

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Multinational blockchain technology company Emurgo initially announced the AgeUSD stablecoin in January 2021. The firm has since announced a partnership between the Ergo Foundation, Emurgo, and Charles Hoskinson’s Input-Output Global, the parent company of IOHK.

The AgeUSD stablecoin will be available on Cardano as soon as smart contract capabilities are launched on the blockchain, it revealed.

Do We Need Another Stablecoin?

Emurgo aims to prevent events like MakerDAO’s Black Thursday, which emerged through vulnerabilities in its Dai collateralization mechanism. A mass liquidation of the vast majority of Maker vaults resulted in around $4 million in Dai being under-collateralized at the time in March 2020.

AgeUSD’s so-called “Staticoin” protocol-inspired design does not rely on collateralized debt positions (CDPs).

“Thanks to its design, the scenario that happened on Black Thursday is not possible for the AgeUSD protocol. Without CDPs, we do not have liquidation events nor the requirement for users to perform transactions to ensure that the liquidations actually work properly,”

The stablecoin runs on the Ergo blockchain aiming to automate as much as possible within the mathematics of the protocol itself. Reserve providers pay Ergo’s native currency (ERG) to mint reserve coins representing the underlying collateral. Users of the stablecoin can also deposit ERG into the reserves to mint AgeUSD, it explained. This is only allowed by the protocol if there are enough reserves above its reserve ratio. Banks use a similar method to loan out funds.


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The Cardano partnership will also enable its native token, ADA, to be used as collateral to mint reserves. However, the potential downside is that the stablecoin is only backed by these two assets, whereas Dai is backed by multiple cryptocurrencies.

AgeUSD will launch on Cardano when it rolls out the Alonzo update that ushers in Plutus-powered smart contracts. This is expected in the latter half of this year, according to the roadmap.

Cardano ADA Price Update

As the long-awaited update nears, ADA prices have been cranking to new highs, the most recent ATH being $1.55 on April 14. At the time of writing, ADA was trading up 2% on the day at $1.45, according to Coingecko.

It is the sixth-largest cryptocurrency by market cap, which currently stands at $46 billion, and there are 32 billion tokens in circulation. The token was briefly flipped by Dogecoin but has regained its position in the charts below Tether.

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Source: https://cryptopotato.com/ageusd-to-launch-as-first-stablecoin-on-cardano-network/

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Blockchain

Mergers and acquisitions are rising, leaving crypto assessments in question

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Fintech, cryptocurrency and mergers and acquisitions are poised to intersect significantly in the coming year. M&A activity is expected to rebound quickly — more than 60% of decision-makers at large companies who were surveyed by FTI Consulting for a February report agree that their company has recently been a target of aggressive M&A, and 39% say their companies are looking at M&A as a result of the COVID-19 pandemic. At the same time, the cryptocurrency market is making strides toward mainstream acceptance.

As a result, there’s likely to be an uplift in deals involving cryptocurrency assets and valuations throughout 2021. While this trend is likely to spur some exciting developments in the financial sector, it is also starting to raise unprecedented questions about whether cryptocurrency and these complex business models can be accurately assessed and verified in the context of dealmaking.

Digitizing the world of finances

The effects of the COVID-19 pandemic have driven significant shifts from physical to digital services across a wide range of industries — none more dramatically than in the financial services industry, in which S&P Global has reported that an estimated 420 billion transactions, worth $7 trillion, will switch to cards and digital payments by 2023, reaching $48 trillion by 2030.

Related: How has the COVID-19 pandemic affected the crypto space? Experts answer

PayPal further legitimized cryptocurrency when it began accepting it in November 2020 and announced its acquisition of Israeli crypto startup Curv in March. Visa has also been active in the fintech arena, most recently with its $5.3 billion acquisition of Plaid in January. Investors are also keeping a close eye on the developments that will follow Coinbase’s recent debut on the Nasdaq stock exchange. Naturally, all of this activity is generating a lot of interest in fintech and cryptocurrency companies among traditional financial services institutions and big tech corporations. Even amid market lows during the first half of 2020, cryptocurrency-related M&A hit $600 million, more than the total for all of 2019. All signs point to an even larger year in 2021.

Related: Will PayPal’s crypto integration bring crypto to the masses? Experts answer

The need for due diligence

Of course with M&A, IPOs and capital raises also comes the need to conduct due diligence, market assessments and valuations. But when cryptocurrency is involved as the primary asset or a key asset, there are additional, complex layers to standard due diligence processes.

Buyers and target companies need to consider conducting a technical assessment of the digital assets at play. Potential buyers will want to know how to verify the cryptocurrency assets and ensure that the target company’s reported assets are accurate. Because cryptocurrency companies often operate under unconventional business models, and due to the very nature of distributed ledger systems, it’s not always clear what’s what. The crux of the issue is to find out about any problems, risks or inaccuracies in a target company’s cryptocurrency assets, framework and business model and whether they have the correct procedures in place to support their crypto-based business activities.

Likewise, cryptocurrency companies that are looking to raise money or sell their business to a larger technology or financial services corporation (or file for an IPO) can help position their business by conducting in-depth assessments that will demonstrate their differentiators and value to potential buyers, and support subsequent valuation and due diligence activities.

The nuances of the crypto space

Many may not understand the importance of conducting a technical assessment and cryptocurrency evaluation as part of their larger financial due diligence, or that it’s even possible. However, experts in this space are beginning to develop complex methodologies to conduct, fast, in-depth and cost-effective technical assessments of cryptocurrency assets and leverage digital forensic investigation techniques to sample and verify digital wallet ownership, digital asset ownership, as well as verify assets under custody, and the value and validity of assets.

Additional areas that buyers should examine in a crypto-focused technical assessment include:

  • The full scope of digital asset holdings, including hot wallet services, cold wallet storage, business wallet services, portfolio management and other services.
  • Size, locations, duties and other key details relating to technical and sales support, and development teams.
  • Risks within cryptocurrency-related contracts, privacy, security, Know Your Customer, Anti-Money Laundering, signatures and other policy controls.
  • Code audits across wallets, user interface and application programming interfaces.
  • Governance implications (such as regulatory requirements and standards including the United States government’s Cybersecurity Maturity Model Certification and the European Union’s General Data Protection Regulation).
  • Technical structure and stability.
  • Third-party partnerships, data use and obligations.
  • Research and development projects and developmental coin/token support.

In addition to traditional financial due diligence and valuations that accompany fundraising and M&A transactions, buyers in this space will also need to validate and assess the technical elements of the target company’s cryptocurrency assets and structures. Doing this right will require the support of a domain expert in blockchain and cryptocurrency who understands the technical complexities and knows what questions to ask. Cryptocurrency remains an enigma to many people, but a thorough, expert-driven technical audit can reveal risks and eliminate guesswork to support the execution of high-value, disruptive deals.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Steven S. McNew is a senior managing director within the technology practice of FTI Consulting. In his role, Steven helps clients evaluate and implement blockchain solutions and builds cost-effective, defensible strategies to manage data for complex legal and regulatory matters. Steven is an expert in blockchain, information and data security, complex discovery and digital forensics. He completed studies in blockchain and cryptocurrency at MIT and has led engagements involving blockchain assessments, pilot projects and software selection and implementation. He has also led disputes involving issues related to blockchain and various forms of cryptocurrency.

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Source: https://cointelegraph.com/news/mergers-and-acquisitions-are-rising-leaving-crypto-assessments-in-question

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Blockchain

AgeUSD to Launch as First Stablecoin on Cardano Network

Republished by Plato

Published

on

Multinational blockchain technology company Emurgo initially announced the AgeUSD stablecoin in January 2021. The firm has since announced a partnership between the Ergo Foundation, Emurgo, and Charles Hoskinson’s Input-Output Global, the parent company of IOHK.

The AgeUSD stablecoin will be available on Cardano as soon as smart contract capabilities are launched on the blockchain, it revealed.

Do We Need Another Stablecoin?

Emurgo is aiming to prevent events like MakerDAO’s Black Thursday which emerged through vulnerabilities in its Dai collateralization mechanism. A mass liquidation of the vast majority of Maker vaults resulted in around $4 million in Dai being under-collateralized at the time in March 2020.

AgeUSD’s so-called “Staticoin” protocol-inspired design does not rely on collateralized debt positions (CDPs).

“Thanks to its design, the scenario that happened on Black Thursday is not possible for the AgeUSD protocol. Without CDPs, we do not have liquidation events nor the requirement for users to perform transactions to ensure that the liquidations actually work properly,”

The stablecoin runs on the Ergo blockchain aiming to automate as much as possible within the mathematics of the protocol itself. Reserve providers pay Ergo’s native currency (ERG) to mint reserve coins which represent the underlying collateral. Users of the stablecoin can also deposit ERG into the reserves in order to mint AgeUSD, it explained. This is only allowed by the protocol if there are enough reserves above its reserve ratio. Banks use a similar method to loan out funds.


ADVERTISEMENT

The Cardano partnership will also enable its native token, ADA, to be used as collateral to mint reserves. However, the potential downside is that the stablecoin is only backed by these two assets whereas Dai is backed by multiple cryptocurrencies.

AgeUSD will launch on Cardano when it rolls out the Alonzo update that ushers in Plutus powered smart contracts. This is expected in the latter half of this year according to the roadmap.

Cardano ADA Price Update

As the long-awaited update nears, ADA prices have been cranking to new highs, the most recent ATH being $1.55 on April 14. At the time of writing, ADA was trading up 2% on the day at $1.45 according to Coingecko.

It is the sixth largest cryptocurrency by market cap which currently stands at $46 billion and there are 32 billion tokens in circulation. The token was briefly flipped by Dogecoin but has regained its position in the charts, just below Tether.

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Source: https://cryptopotato.com/ageusd-to-launch-as-first-stablecoin-on-cardano-network/

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