The financial technology company GobelX, began the issuance of the Venezuelan Bolívar as a digital currency on the Stellar network. This stablecoin is backed by the Venezuelan circulation currency (Bolívar).
Stablecoins are cryptocurrencies created in order for their value to remain stable. The hedge relationship is made with other financial assets, fiat currencies, raw materials and even other cryptocurrencies.
GobelX, issuer of the BSS, is a financial technology company that develops applications with the purpose of integrating economic-social processes to Blockchain technology. GobelX intends to bring the Stellar network and its benefits to the greatest number of users, offering multiple tools, applications and services to users who, in a simple way, make use of them in their daily lives.
This Fintech has also implemented an anchor, which is based on Stellar Consensus Protocol (SCP) for authentication, deposit and withdrawal. This solution provides a fiduciary entry / exit ramp allowing the connection of the Stellar network to the country's banking system, anticipating regulatory processes such as KYC/AML.
With the entry to the Bolívar blockchain (BSS), GobelX promotes the handling of this currency in its digital form, which will be used by Venezuelans for all types of unbanked financial services, especially cross-border exchange and payments.
This initiative joins the growing issuance of stablecoins since the creation of the Stellar network in 2014. The Bolivar was preceded by the Argentine and Mexican pesos, the Brazilian real and the Euro, which already have their equivalents in this network.