Novatti has announced the availability of $AUDC on multiple blockchain networks, including XRP Ledger, courtesy of its partnership with Ripple and Stellar. Peter Cook, the Chief Executive Officer & Managing Director of Novatti Group, talked to the media to discuss the details and potential of the partnership.
Peter Cook called Stellar and Ripple the two major cross-border blockchain networks adding that they have higher capitalization than others in the market. He stated that the multiple blockchain service for stablecoin would initially be hosted on Stellar and Ripple before expanding to other networks. Ripple and Stellar have been partners with Novatti in the past.
Novatti joined hands with Ripple in the past to work on cross-border payments and started a blockchain program with Stellar. Both will now fund the development of the services and also consider the assistance required to market the service.
Once developed, the stablecoin will be a dollar-for-dollar-backed Australian dollar stablecoin that resembles the working of USDC.
While USDC is an American stablecoin pegged to the US Dollar, AUDC is an Australian stablecoin pegged to the Australian Dollar. Novatti is a licensed company, giving it a minor edge in the list. Novatti would be running its funds in the trust accounts.
Advertisement
Cryptocurrencies have high volatility compared to stablecoin, making stablecoin a safer bet in trading. It is being leveraged to enter the cryptocurrency world.
The stablecoin would not be left in the dark during the operations. The plan is to include it in the ecosystem or infrastructure full of licenses, commercial partnerships, and technology. This backing will take a long way to establish trust outside the community, with more users showcasing interest in including stability in their digital portfolios.
Novatti will provide services in terms of stablecoin for holding and transacting it for purposes including, but not limited to, cross-border payments and on-ramp off-ramp.
Peter Cook credited the current partnership to the success of Novatti, which was achieved by working with Stellar and Ripple in the past. Therefore, the company is sure of working with the companies to bring significant commercial deals.
Peter Cook was also asked about the revenue of Novatti and what projections look like. He stated that there could be revenue by the next year through several payments from Ripple and Stellar.
Advertisement
There is a chance that Novatti will begin monetizing the services better to gain revenue by the end of this year. Most of the funds acquired will go into building the technology and covering the marketing costs. A transaction fee is the best bet to get revenues in their pockets pretty soon.
Revenue in the March quarterly report stood at 10.4 million, a considerable increase from 6.3 million on a like for like basis with its December results. Novatti aims to get positive cash flows by the end of the 2023 financial year to show the market that it can be a profitable major global payment company.
