Popular Firearms Marketplace GunBroker to Launch 'FreedomCoin' Stablecoin

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.

Switzerland's Telecom Giant Brings Blockchain-based Artwork to Mainstream TV

Swisscom AG, one of the largest telecommunications providers in Switzerland, has introduced a new approach to using non-fungible tokens (NFTs).

Swisscom AG’s latest Ethereum blockchain-based, ERC-721 smart contract-enabled product, called Noow, will reportedly be used to showcase and certify artwork and only the owners and creators of the artwork will know how many pieces have been distributed. The digital certificates of authenticity, issued through smart contracts, will be easily transferable between buyers and sellers.

Independently Distributing and Financing Artwork

The Noow app has been developed by Dloop AG, a Zug, Crypto Valley-based firm which was initially launched through Kickbox, Swisscom’s accelerator and project incubator.

According to local news outlet Greater Zurich Areas, Dloop AG’s app allows artists to independently distribute and finance their digital artwork. The distributed ledger technology (DLT)-powered Noow app will be integrated into Swisscom TV, in order to introduce digital artwork to mainstream TV viewers.

As detailed by local sources, the digital art will be featured on screens located in Switzerland-based business offices, upscale restaurants, and hotel lobbies. The “changing sequences or animations” of the digital art pieces “create a unique ambience,” local news outlets explained. However, this type of artwork has not always been properly protected from being used without the consent of their creator or owner.

“Guaranteeing Ownership Rights for Buyers and Payment for Artists”

In order to prevent the digital art pieces from being used illegally, or without the permission of their owner, the copyright protection information will now be managed using Noow app’s blockchain-enabled solution which has been designed to “guarantee the ownership rights for buyers and payment for artists.”

As mentioned in a press release, published on Swisscom’s official website (on May 22, 2019), Noow will be available (starting May 23) as an app “exclusively on Swisscom TV (UHD-ready TV-Box from Swisscom).” The new DLT-powered app will include “100 works by 30 international artists” which will be selected by curator Stefanie Marlene Wenger.

Commenting on the initiative, the release noted:

This is about more than creating a virtual gallery; the next step will be to include curated exhibitions on the platform and a close collaboration with galleries.

Currently, Swisscom TV features more than 300 channels, which includes a large selection of films, sports and drama series and various on-demand shows. Swisscom TV also offers its customers different apps, which now includes the Noow app - allowing users to enjoy a wide selection of artwork from their living room.