Australian blockchain firm, Chrono Tech, has been experiencing difficulties securing a banking partner amid the launch of an Australian dollar (AUD)-pegged stablecoin earlier this month.
The AUD Token (AUDT), available on Chrono Tech’s platform, can be redeemed 1:1 for Australian dollars held by a licensed Australian bank. However, as Chrono Tech’s CEO, Sergei Sergienko, reveals, securing a banking partner was not easy.
In an interview with Cointelegraph, Sergienko discussed his company’s transition from planning a “labor hour token” to launching a stablecoin, and the regulatory and banking climates for crypto companies in Australia.
Australia’s ‘Big Four’ banks still hesitant to partner with crypto companies
Sergienko said that “the hardest challenge” involved in the stablecoin’s development and launch was finding a bank that could hold it in reserve:
“There was discussion with a couple of the big four [Australian banks], and everybody in their research teams were excited about it, but nobody wanted to take the first step.” Read More...