> Isn't that just what Kraken or Coinbase already does?
No. It's more akin to an operating system of money rather than a proprietary siloed app.
No. It's more akin to an operating system of money rather than a proprietary siloed app.
There needs to be an endpoint distributor of physical cash, SWIFT, or wire transfers of real fiat and those end points are subject to regulation just like localbitcoins or ATM machines are subject to regulation.
Can you explain how a decenteralized exchange provides USD?
abstracted IOU "stable-tokens" like Tether are NOT USD, see the case of Liberty Reserve [1] or [2]
[1] https://en.wikipedia.org/wiki/Liberty_Reserve
[2] https://hackernoon.com/the-curious-tale-of-tethers-6b0031eea...
https://medium.com/@bitfinexed/are-fraudulent-tethers-being-...
A major part of the OmiseGo plan is full cash-in/cash-out capabilities via as many ATMs as they can get connected to.
They have access to quite a few thousand ATMs out the gate via strategic investments and partnerships with a number of very large banks in Aisia.
Their parent company is Omise (basically the Asian Stripe) already has a cashflow of $100-$500m/day. FYI They will be switching all their existing business to run on the new dex, so from the get go it will start with a large volume as the test case.
Checkout the OmiseGo white-paper for the main details.