Peter Thiel-Backed Crypto Startup’s Quiet Power Move
Peter Thiel-Backed Crypto Startup’s Quiet Power Move
Known for his unconventional investments in politics and technology, billionaire investor Peter Thiel has made what industry insiders refer to as a “quiet power move” in the cryptocurrency space. In a statement by Paul Faecks, CEO of Plasma he said that “Plasma One is the answer to the dollar distribution problem, as it puts them directly in the hands of people who face financial exclusion.”
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Plasma One is a neobank (combining digital banking, payment, savings, and transfers) built around stablecoins starting with USDT (Tether) with plans to expand. The product includes a virtual/physical card, enabling users to spend stablecoins, earn yield, get cash back, and move money globally. Key features include:
At the moment, Plasma is giving USDT holdings on Binance a 2% yield. When it first launched in August, it was in great demand and soon attracted lock-ups valued at $1 billion. Naturally, a 10% yield is a big improvement over this offering.
The business uses local teams and peer-to-peer cash networks to promote adoption in emerging markets where dollar access is most important. The rollout takes place before Plasma’s mainnet beta launch on September 25. The omnichain version of USDT0, the $XPL token, and $2.0B in liquidity are spread across more than 100 DeFi protocols.
Anyone should be able to send money from a mobile phone, earn interest, pay in stores, and access dollars without any restrictions. With a product for millions of users who require a reliable and secure substitute, the company, which is supported by Bitfinex and Peter Thiel, claims that its model will allow the development of the most effective rails for global finance.
