Modupe Gbadeyanka
By Modupe Gbadeyanka
As part of efforts to minimise the risks of investing in cryptocurrencies, Triaconta has announced the introduction of Combicoin to make the cryptocurrency market accessible for a larger audience.
According to Triaconta, CombiCoin is 100 percent asset backed by the top 30 cryptocurrencies with the highest market cap.
It noted that because of this the CombiCoin will not suddenly plunge and investors will have less risks when there are major fluctuations.
There are over 1000 cryptocurrencies on the market and together they represent a value of $130 billion.
However, all these coins are very volatile. For example, the value of bitcoin grew from $1000 to $4000 within six months.
The value of Ethereum, the second largest cryptocurrency, rose from $150 to $400 within six months but plunged to $150 four weeks later. In the first six months of 2017 the top 30 of cryptocurrencies grew with 1200 percent.
Triaconta explained that the value of CombiCoin is determined for 3.33 percent by the actual value of each of the top 30 cryptocurrencies.
It said CombiCoin uses the blockchain technology of Ethereum and will be tradable on cryptocurrency exchanges.
Through constant monitoring of all exchange rates smart automatic trading software will determine the actual value of CombiCoin and intervene when there is speculation. This will guarantee that the price of CombiCoin will always be 100% based on and asset backed by the top 30 of the cryptocurrency market. The assets will also be actively managed to ensure that your investment stays diversified.
“Trading in cryptocurrencies comes with high risks, mainly because there is a lot of emotion in the exchange rates. We spread this risk by buying 30 coins at the same time,” explain Don Molenaar and Guust Hilte of Triaconta, whom had success before with their smart projector Beam. “Everyone with savings wants to have the highest yield possible, but putting your savings in cryptocurrency isn’t something you’d do easily because of the risks and the volatile nature of cryptocurrencies. With CombiCoin we address these issues, opening the cryptocurrency market for a larger audience.”
