Leading firearm marketplace GunBroker.com is reportedly set to launch a stablecoin called ‘FreedomCoin’ that’s set to be used on its platform, in a move meant to help firearms merchants transact without dealing with financial institutions’ restrictions.
According to a recently published press release, the stablecoin is set to be a “regulatory compliant corporate currency,” developed by ICOx Innovations Inc, for GunBroker. The online marketplace lets users buy and sell hunting, outdoor sports, and firearms products. It has over 4.7 million users, and sees over $600 million in transactions per year.
GunBroker’s users will in the near future be able to accept FreedomCoins in their transactions, using blockchain technology to “replace the need for other costly and time-consuming payment options.” Users will be able to convert USD to freedomCoins via an “easy-to-use app” on the platform, which is reportedly designed to meet know-your-customer (KYC) and anti-money laundering (AML) compliance.
Bruce Elliot, the president of ICOx Innovations, noted that this is one of the cases in which a “compliant cryptocurrency can truly replace the need for other costly and time-consuming payment options which is something of extreme value to GunBroker’s users. Per his words, given the marketplace’s size, this could “potentially become the most retail transacted cryptocurrency in the US.”
Steven F. Urvan, the CEO and CTO of GunBroker, was quoted as saying:
Anyone who has purchased a firearm knows how painstakingly brutal it can be to deal with traditional credit card companies and other financial institutions. Thanks to ICOx and BitRail, now we can virtually eliminate that problem and expose a whole new segment of gun and outdoor enthusiasts to the world of digital payments.
ICOx USA, a subsidiary of ICOx Innovations, was contracted by FreedomCoin LLC to create the cryptocurrency. It’ll “charge up to” $2 million for its design and development, while being allowed to acquire an up to 20% stake in FreedomCoin LLC, an organization presumably established to manage the cryptocurrency.
Notably, ICOx Innovations was reportedly behind the KodakOne platform, a blockchain-based image rights management platform licensed by Kodak. Recently, KodakOne shocked critics by announcing a million dollar beta test.