News Prominent Firearm Auction Site Shoots For Stablecoin

Prominent Firearm Auction Site Shoots For Stablecoin

-

- Advertisment -

January 31, 2019 12:18 AM

The new stablecoin would take aim at removing the hassle of a using a credit or debit card when purchasing a firearm.

Customers of the auction site GunBroker.com may soon be able to use cryptocurrency to purchase firearms and accessories, according to a January 29 press release from blockchain and digital currency developer ICOx Innovations (ICOx).

According to ICOx, it has been contracted by FreedomCoin LLC to develop a stablecoin/utility token, dubbed FreedomCoin, specifically for customer purchases on the site. The new token, which will utilize the BitRail blockchain platform, will be designed to peg 1:1 to the US dollar; users can purchase FreedomCoins with dollars and then use the coin to make purchases.

GunBroker.com is an auction site akin to eBay, meaning that business is done between individuals. To facilitate purchases using FreedomCoin, both parties would seemingly need to have a wallet connected to their account. FreedomCoin says it complies with all anti-money laundering (AML) and know-your-customer (KYC) regulations.

According to Steven F. Urvan, CEO and CTO at GunBroker.com, the new payment method is intended to circumvent the hassles and red tape associated with using a credit or debit card when purchasing a firearm:

“Anyone who has purchased a firearm knows how painstakingly brutal it can be to deal with traditional credit card companies and other financial institutions. Thanks to ICOx and BitRail, now we can virtually eliminate that problem and expose a whole new segment of gun and outdoor enthusiasts to the world of digital payments.”

In September of last year, ETHNews spoke with Chris Lapinski, US Army veteran and operations manager at Last Stand Readiness and Tactical, located in Sacramento, California. Lapinski echoed Urvan’s sentiment, claiming that when customers attempt to purchase a firearm with a credit or debit card, their purchase is often stalled by their financial institution at the point of sale. According to Lapinski, when this happens the customer is forced to call their bank to unlock their funds.

Yet payment processing troubles for firearm purchases may extend to crypto payment processors as well. In May of 2013 Lapinski says he decided to add bitcoin to his list of acceptable payment methods and for a while, things went very well. However, in an April 2017 blog post, Last Stand announced it was no longer able to accept payment in bitcoin because the payment processor it used, BitPay, closed its account “without warning.” This was apparently based on an existing policy that its services not be used to purchase “ammunition, firearms, explosives (including fireworks), or weapons regulated under applicable law.” This policy is also shared by popular crypto exchange Coinbase.

The release of this new stablecoin, then, marks a potential way around such barriers. The devil, though, is in the details: If yesterday’s release is any indication, the coin has yet to be designed. And it’s not yet clear how it will be released or what exchanges it might be available on.

According to a company fact sheet, GunBroker.com was created in 1999 and is the world’s largest firearm auction site. The site contains roughly 750,000 active listings, has 3.5 million registered users, attracts an average of 6 million visitors every month, and has accumulated over $4 billion in merchandise sales.

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest GunBroker, ICOx Innovations or other Ethereum application news.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...
- Advertisement -Prominent Firearm Auction Site Shoots For Stablecoin

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

How has Bitcoin of America Changed the Cryptocurrency Industry?

Who is Bitcoin of America? Bitcoin of America is a U.S. based digital currency...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when...
- Advertisement -Prominent Firearm Auction Site Shoots For StablecoinProminent Firearm Auction Site Shoots For Stablecoin

You might also likeRELATED
Recommended to you