Stable Coin Developer X8 AG Planning to Have Its Common Shares Listed on North American & European Stock Exchanges

Stable Coin Developer X8 AG Planning to Have Its Common Shares Listed on North American & European Stock Exchanges

FRIBOURG, Switzerland, May 03, 2021 (GLOBE NEWSWIRE) – X8 AG. (X8) in preparation for the launch of its crypto X8currency stable coin, X8 is planning to have their common shares apply for listing on the Canadian Securities Exchange (CSE) with cross listings planned for the Open Market Segment of the Frankfurt Stock Exchange (FSE) in Germany and the Over the Counter Market (OTC) in the USA.

X8 AG has selected Listing Partners Sarl, as exclusive financial advisors in connection with the listings.

Listing Partners will be advisors and underwriters to X8 in a contemplated pre-listing offering of common shares through syndication of the issue to its underwriting group. In addition, as part of the Listing Partners group’s international affiliations, Antevorta Capital Partners Ltd. has been engaged to provide listing services to assist X8 with the listing process on the CSE, FSE and the OTC.

As part of the listing process, X8 is required to have prepared a non-offering prospectus for submission to the securities regulators for review and approval. Should the prospectus clear the approval process an application to list the X8 common shares on the CSE will be submitted for listing approval. Once the CSE listing is granted, submission of application to cross list on the FSE and OTC is planned for.

Gregor Koželj, CEO of X8 said today: “Currently, there are no other stable coin projects listed on a regulated stock exchange. We believe this exclusive position will boost X8’s visibility to the forefront along with gaining significant recognition and access to the capital markets.” He added “Simultaneously X8 AG is applying to have the X8currency stable coin authorized by the Swiss Financial Regulator, FINMA”.

The public listing of X8 AG is expected to allow capital market investors the rare opportunity to invest directly into a stable coin development project that management believes could have a global long-term vision. The X8currency stable coin work in progress is a value preservation digital currency payment instrument that is expected to challenge the established tokenized payment instruments with a cutting edge fintech of its own.

About X8 AG

Established in 2018 and headquartered in Switzerland, X8 AG intends to provide global digital cross-border payment instrument solutions that are cost-efficient and reliable. The company successfully launched its Initial Coin Offering of the X8X utility token. Currently, X8 is preparing to launch its X8currency stable coin as a digital currency by way of its application to FINMA which upon approval would award X8 to move forward with its market operations under a regulatory Sandbox regime and to further apply for a Fintech license (banking license light) as a result. The Regulatory Sandbox regime allows Swiss companies to accept deposits of up to 1 million CHF as a stable coin issuer, while the Swiss Fintech license would allow the company to accept deposits of up to 100 million CHF as a bank, which such deposits could be in the form of the X8currency and assets backing the stable coin units.

Visit: www.X8AG.io

About Listing Partners Sarl and the Listing Partners Ltd group of Companies.

Listing Partners is an international, boutique investment firm operating within the capital markets ecosystem. Their focus is on creating and managing the going public plan for companies by working with top management for successful listing and financing. Antevorta Capital Partners Ltd. is a member of the Listing Partners Group of Companies. It has been successfully assisting small and medium-sized companies in the listing process and raising funds since 1998. Their experience and know-how lead their clients through every aspect of going public, primarily on the Canadian Stock Exchange, which often results in cross listing opportunities in other international markets.

For Investor information contact: info@listingpartners.lu

For More Information about X8 contact: Gregor Koželj, ceo@x8ag.io

Disclaimer

All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. X8 AG is under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

PayPal has held exploratory talks about launching a stablecoin: sources

Four sources with knowledge of the situation told The Block that PayPal has made the rounds among some of the industry’s stablecoin protocol developers.

PayPal is exploring the launch of a stablecoin, The Block has learned.

Four sources with knowledge of the situation told The Block that PayPal has made the rounds among some of the industry’s stablecoin protocol developers — suggesting the payments giant may be leaning towards working with a third-party company.

Ava Labs, the team behind the Avalanche blockchain, is one of the organizations that has held talks with PayPal over stablecoin development, according to people familiar with the matter. It is not clear which other protocols have been involved in the discussions.

A PayPal spokesperson told The Block that “PayPal continues to explore the potential of digital currencies, digital financial services infrastructure and how we can help enhance digital commerce as a trusted partner in the space.”

“As a global company working with regulators and industry partners throughout the world to shape the next generation of financial systems, the company is in frequent conversation about technologies that enable these goals. However, rumors and speculation are not predictive of the company’s future plans,” the spokesperson said.

If PayPal did move forward with such a project, it would represent a significant escalation of its work in the crypto space. Stablecoins are digital assets that represent fiat or government-backed currencies, using a blockchain network as a payment rail. There is more than $80 billion in stablecoins circulating in the market today, according to data collected by The Block.

“It looks like they’re more likely to do something with an existing stablecoin partner rather than build something themselves, because I think that that would get something to market faster, and I think that’s their primary concern,” one source told The Block.

Rumors have long circulated regarding PayPal’s stablecoin ambitions. Indeed, one source described the move as the best-known secret in the crypto industry.

Last fall, PayPal announced that it would enable crypto buys and sells on its platform through a partnership with industry startup Paxos. PayPal has moved to widen the scope of its crypto offerings since then.

On March 8, PayPal announced that it had completed the acquisition of crypto security firm and multi-party computation (MPC) start-up Curv.

Chancellor: Digital currencies are no “stablecoin”

Newly-minted coins bearing the slogan ‘Egypt’s Medical Teams’, to commemorate Egypt’s frontline workers fighting the coronavirus disease (COVID-19) pandemic, are seen in Cairo, Egypt February 15, 2021.

Digital coins issued by central banks could prove the most significant financial innovation since the invention of paper money. Central bankers claim their new money will drive bitcoin and other cryptos out of the market. But if the early history of paper money is any guide, a digital currency at the outset will be no “stablecoin”, and is more likely to prove a force for inflation and other economic woes.

The Chinese discovered paper money, or “flying cash” as it was called, in the 11th century. It took the Europeans 600 years to catch up: Sweden’s Stockholms Banco issued the continent’s first paper banknote in 1661. The inception of paper money everywhere has followed a common pattern. At the outset, new money was convertible into precious metals. But governments couldn’t resist the temptation to use this easy-to-manufacture cash to finance their spending, especially at times of crisis. As the issuance of paper money took off, the conversion rights were invariably suspended.

At first, the benefits of money-printing are broadly felt. But the “golden period of strong economic upswing, without inflation” only lasts a year or so, according to economic historian Peter Bernholz. After prices start to rise, paper money becomes a hot potato – people can’t get rid of it soon enough. The increased circulation of money only adds to inflationary pressures. People exchange their paper for more secure stores of value or try to take their savings out of the country.

Governments typically respond by banning alternatives to their paper notes and imposing exchange controls. For instance, in 1394 the Ming dynasty emperor imposed fines and a jail sentence on anyone who used or hoarded copper coins. Likewise, soon after introducing paper money to France in 1719, the Scotsman John Law banned the ownership and export of gold. Such coercive measures invariably fail.

Eventually paper money becomes so discredited that no one accepts it. Gresham’s law works in reverse at times of high inflation: good money drives out the bad. People turn to use alternative types of money or revert to barter. Towards the end of the Weimar Republic’s hyperinflation many transactions were carried out in foreign currencies.

When a sufficient number of people have been exposed to the full horrors of inflation – whether it be workers whose wages have lagged the rise in prices or pensioners whose savings have been wiped out – a consensus forms for monetary reform. But since the government has lost the people’s trust, the replacement currency must come with a monetary “constitution” that prevents the central bank from financing public deficits. That’s how the Rentenmark, launched in November 1923, ended Germany’s hyperinflation nightmare.

A central bank digital currency, or CBDC, could bring even more monetary disruption than the early days of paper money. With a digital currency, no printing press or commercial banker stands to impede the flow of newly created money into the economy. After the bankruptcy of Lehman Brothers, central banks conjured up plenty of dollars, euros and pounds but quantitative easing didn’t spark much inflation since banks deposited most of the money straight back at the central banks. A newly issued digital currency, on the other hand, would go directly into people’s pockets.

In fact, that’s a large part of its attraction. Policymakers claim that government emergency measures during the Covid-19 crisis could have been implemented more speedily had stimulus payments been distributed via a digital currency. This new type of money appears perfectly designed for implementing the so-called Modern Monetary Theory, whose exponents argue that governments should print more money to rebuild infrastructure, reverse climate change and bring about social justice. A digital currency could turn Milton Friedman’s fantasy of “helicopter money,” with all its inflationary implications, into reality.

Furthermore, CBDCs are set to arrive during a period of extreme monetary disturbances. Over the past year, central banks on both sides of the Atlantic have helped to finance vast government deficits. Bernholz suggests that outbreaks of hyperinflation typically occur when more than a fifth of public spending is funded with newly printed money. Both the United States and the United Kingdom have recently passed this threshold. There’s more to come: The Congressional Budget Office forecasts this year’s federal deficit at 14% of GDP, much of which will be paid for by the Federal Reserve’s ongoing securities purchases.

We have thus far been living through another of those “golden periods” when rapid money growth supports economic activity but has only a limited impact on consumer prices. U.S. broad money grew by 22% in the 12 months to April, according to the Institute of International Monetary Research, yet the U.S. consumer price index is up little more than 2%. But gasoline prices are soaring, copper is trading at record highs and the Bloomberg Commodity Index has climbed more than 20% since the start of the year.

An unlimited issue of digital currencies would add fuel to the fire. Since electronic money is easier to offload, it would potentially circulate more rapidly at times of rising prices, boosting inflationary pressures. Under such circumstances, cryptocurrencies and precious metals could prove popular as alternative stores of value. Elon Musk’s Tesla (TSLA.O) might not be the only automaker accepting payment in bitcoin. If history repeats itself, the authorities will try to clamp down on any money substitutes, but to little avail.

A point would finally be reached when the rentiers had been euthanised, Wall Street was closed to business, labour was idle and business in disarray. The people would clamour, as they have always done at such times in the past, for a money that was a true store of value – one beyond the reach of governments and their central bank abettors.

This would be a propitious moment to relaunch a digital currency whose annual issuance could be limited to the economy’s trend growth, as the German economist Thomas Mayer has suggested. Designed with such a feature, the new electronic cash would prove a true “stablecoin”, rendering bitcoin and other cryptos redundant. It may come about one day, but not before this golden age passes.

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