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Online Gun Marketplace Introduces Stablecoin

There’s no secret that America loves its guns, and gun control is one of the nation’s most contested issues to this day. Of course, every country has their own stance on guns. However, America is in a league of its own, as its gun industry contributes over 50 billion to the U.S. economy alone, according to a recent report.

One of the most popular internet gun marketplaces in the country is Atlanta-based Gunbroker.com. It appears as though the website will now introduce a stablecoin for its users to buy and sell merchandise more efficiently.

About The Site

For those that are unfamiliar, Gunbroker.com claims to be the “world’s largest marketplace” with regards to hunting, firearms, and outdoor sports. The company has almost two decades of experience in the business, as well, since it was founded in 1999. The company contracted ICOx Innovations Inc. in order to develop a stablecoin called the “Freedomcoin” for its users  to utilize a digital wallet.

It is clear that the company believes that utilizing this blockchain infrastructure will save a massive amount of company. Specifically, Gunbroker.com handles about $600 million in yearly transactions, so the move could end up saving a large amount of money for the company over time. Of course, the move also might attract a number of cryptocurrency enthusiasts, as well.

FreedomCoin And Beyond

Users won’t have to be confused about the value of a Freedomcoin whatsoever, as a Freedomcoin will be a U.S. dollar-pegged stablecoin. Users will also be able to purchase Freedomcoins using U.S. dollars, and an app will be able to quickly convert funds.

This could end up being a larger trend, considering the size and status of Gunbroker.com. The company also has an extensive fanbase of over 4.7 million users. While it might not be a major step towards mass adoption, there are gun enthusiasts that might decide that purchasing using cryptocurrency is a much more efficient way to purchase firearms.

This is an aspect of the partnership that the CEO and Chief Technology Officer of Gunbroker.com, Steven F. Urvan, elaborated on, stating: “Anyone who has purchased a firearm knows how painstakingly brutal it can be to deal with traditional credit card companies and other financial institutions.” He added, “Thanks to ICOx and BitRail, now we can virtually eliminate that problem.”

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