As the digital asset market continues to flounder, investors are on the hunt for high-potential altcoins. Currently, the flavor of the day is none other than veteran project Stratis and its native token “STRAX” which has seen a significant increase in value over the past 24 hours.
Having lived through and survived multiple “crypto-winter” events, Stratis is a robust project that too often slips under the radar. If the team behind this project is able to deliver on its promises for the second half of 2022, that could soon change.
While Stratis often touts its slogan ‘blockchain simplified’, it does not mean being simplistic or obstinate. The team clearly recognized the need to keep pace and expand their offering by reaching into areas such as digital securities, stablecoins, NFTs, and more. With that in mind, here are the main hurdles the project intends to overcome in the coming months, according to its most recent communication.
First announced in May 2021, the Great British Pound Token or ‘GBPT’ is a stablecoin currently under development, with the token being constructed using “Stratis Technology”. Over a year on, and the team behind the project shared a promising update, stating, “Stratis is currently working with Price Waterhouse Coopers (PwC) to complete FCA registration. We also expect this partnership to continue with PwC, whereby they provide auditing services for the implementation of the stablecoin GBPT.
As one of the largest accounting firms in the world, any affiliation and cooperation with PwC should lend instant credibility to this project. This, combined with a notorious willingness on the part of existing payment processors such as Visa to accept stablecoins, may well be the fuel needed to get GBPT off to a good start when it finally launches.
Interestingly, another token dubbed “GBPT” was also recently announced by stablecoin specialists “Tether”. As the issuer of the current #1 stablecoin in the world (albeit with a tenuous understanding of that moniker), Tether has the reach, resources, and know-how to make such a business work. While this may be competition for Stratis and its planned project, it also indicates a clear need/demand for such an offering.
Brand awareness and marketing
Although it has maintained a constant presence in the digital asset industry for years, Stratis has often flown under the radar while other projects like Solana, Cardano, Ethereum and many more have each had their time in the sun. Obviously, if Stratis is to thrive, its brand awareness needs a major boost for it to become a commonly referenced name with those listed. In an effort to achieve this, Stratis says its continued partnership with SGK will see an expansion of marketing campaigns both inside and outside the UK.
Going forward, Stratis says she will not only create a series of short videos, but will be “employing multiple agencies, including paid media, and targeted outreach on social media platforms such as TikTok, Twitter, Facebook and Reddit.”
Beyond these two major initiatives, the Stratis team indicates that it will eventually develop the following services.
- NFT ticketing system (validation of event tickets and associated benefits via NFT verification)
- Launch of SDA game projects (Dawn of Ships, Trivia Legends, My XR Gallery, etc.)
- Stratis Africa (educational initiatives around the blockchain thanks to the support of the King Oyo Foundation in Uganda)
By providing this most recent update, it would appear that investor interest has been piqued. The result? A massive spike in STRAX value that saw the token rise from $0.6267 to a high of $1.502 within hours.
Although this is undoubtedly an unsustainable peak and most likely just a ‘pump and dump’ – especially given the current market conditions – this will certainly put the project and its potential at the forefront of the minds of many. Although it has easy-to-learn languages for blockchain development on its platform (C# and .NET), as well as a Proof-of-Stake consensus mechanism (often considered advantageous in a period with a greater emphasis on environmental sustainability), Stratis must realize its plans if it expected to endure another crypto winter and thrive in the years to come.