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Blindex announces its long-term vision with the launch of $bGBP and $bXAU (gold) stablecoins

Blindex announces its long-term vision with the launch of $bGBP and $bXAU (gold) stablecoins

Blindex officially integrated with the Rootstock Ecosystem in February 2022, announcing itself as the DeFi platform that views all currencies as equal. Two months on, the team has now announced its wider vision – taking Blindex to the next level by stabilizing all the digital assets on the platform and as a first step, launching $bGBP and $bXAU (gold) stablecoins.

Blindex is one of the first multi-assets stablecoin algorithms worldwide with the purpose of making the (crypto) world a stable place. Integration with Rootstock was one of the first crucial actions Blindex took in order to rev its non-currency asset tokenization strategies.

The team’s primary goal is to provide everyone on the planet, regardless of their home currency, with an easy path to trade without the need to go through an additional currency like the USD . Bindex’s long-term and the main goal is to Tokenize Everything.

“What Blindex really is, is a mechanism for stabilizing digital assets at its core. The only thing that can stop us from stabilizing other “things” is only our imagination. Taking it further into the “real” world is our ambitious long-term vision, and it’s the thing that gets our team’s creativity levels up. There’s no doubt the crypto space, especially DeFi, is still in its infancy, which means it has a lot of room to grow and evolve. We see new implementations, services, and experiences surfacing almost daily. These new financial services have more flexibility and interoperability and are much cheaper.” explains Omer Paz, Core Contributor of Blindex, in his commentary.

Nevertheless, stablecoins are and will continue to be the fundamental part of the Blindex platform. Therefore, two new tokens have been launched on the platform – bGBP (a Great British Pound pegged stablecoin) and bXAU (a gold pegged stablecoin).

bGBP is a highly demanded liquid British Pound stablecoin that can be swapped at the market rate with other coins. Users will be able to mint, swap and stake their bGBP and use them in other DeFi platforms on Rootstock and other chains in the future.

bXAU is the first-ever gold pegged stablecoin that is backed by BTC and ETH. Currently, there are few gold pegged stablecoins in the market. They are also centralized and require holding physical gold reserves. Blindex’s bXAU, is pegged to the gold price (troy fine ounce of gold is worth appx. $2,000I) while using BTC and ETH as collateral to backed that price.

Today, gold investment can act as a hedge against inflation and deflation alike, as well as a good portfolio diversifier. As a global store of value, gold can also provide financial cover during geopolitical and macroeconomic uncertainty. “We see a lot of demand from crypto investors that want to diversify their portfolio by investing in gold. And now they can do it, in a fully decentralized manner” explains Omer Paz.

About Rootstock

Rootstock is the first, biggest, and longest lasting Bitcoin sidechain. It is the only Bitcoin layer 2 that combines the security of Bitcoin’s proof-of-work, with Ethereum’s smart contract capabilities.

Rootstock is open-source, EVM-compatible, and secured by over 60% of Bitcoin’s hashing power, which makes it a gateway to a vibrant ecosystem of dApps that continues to evolve to become fully trustless. 

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