DigitalBits is a protocol layer blockchain focused on supporting consumer digital assets, specifically branded currencies. This is inclusive of assets such as loyalty and rewards points, gift cards, and notably, the growing asset category of branded stablecoins.
Today’s economies are heavily reliant on stability, the lack of which has proven a hindrance to blockchain adoption. Fiat currencies, such as the US dollar, allow users to effectively price goods and services, store wealth, and make sound financial decisions. By combining the stability with blockchain technology, stablecoins look to be the next big wave in blockchain innovation, and could be the catalyst to the mass adoption of blockchain and cryptocurrencies.
Branded stablecoins have gained increased traction in recent years, with notable brands, such as Facebook and Walmart, venturing into the space. Considered the 2nd generation of stablecoins, this emerging asset category enhances the relationship that exists between brands and consumers, heightening market intelligence, generating more effective insight into consumer needs, and ultimately allowing brands to better service these increasingly unique requirements.
KuCoin has recognized the need to not only drive innovation, but to assist users in its consumption. Stablecoins and branded currencies mirror well-known assets that millions of people engage with on a daily basis, and help users to cross the chasm of blockchain innovation. KuCoin has recognized the immense potential of stablecoins to drive blockchain adoption and compliment the auxiliary services already provided by the platform, such as its Instant Exchange Service, KuCloud solution, and fiat on ramps. The addition of projects such as DigitalBits, that focus on the development of stablecoins, is a bold move by “The People’s Exchange” towards driving blockchain adoption.
DigitalBits has been one of the “Top Gainers” recently on CoinMarketCap, with a 43% price increase on April 1, 2020.