Q: What is a cryptocurrency, does Vesta Equity’s marketplace use them, and do I need to sign up for it?
A cryptocurrency is a digital currency with its own economic value that can be used for transactions over a blockchain or traded over exchanges. There are many different cryptocurrencies with a wide range of applications, and the most well-known examples are Bitcoin and Ethereum. Vesta Equity’s marketplace makes use of USD Coin (USDC), a type of cryptocurrency called a stablecoin which is pegged one to one (1:1) with the United States dollar. This means that one USD Coin will always be equivalent to one US dollar, making it an ideal currency to transact in. When money is moved into your wallet it is converted into USDC, and likewise, when money is moved out of your wallet it can be converted into US dollars or a fiat currency equivalent based on exchange rates. You do not need to sign up for USDC and your wallet enables you to transact in it automatically. In your user settings, you can express the currency you see on the platform as either US dollars or USDC. By using a stablecoin we ensure zero speculation or volatility.
Q: What is Circle?
Founded in 2013, Circle is a global payments solution and stablecoin issuer based in Boston, MA. Circle enables businesses and individuals to conduct financial transactions on the blockchain because its faster, safer, and more efficient than traditional payment systems. The stablecoins issued by circle are built to a higher standard. That's why USD Coin (USDC) is always redeemable 1:1 for U.S. dollars. To increase transparency, Circle publicly discloses its reserve assets on a monthly basis. Investors in Circle include BlackRock, Inc., Fidelity Management and Research, and Goldman Sachs. In February of 2022, Circle formalized plans to go public at an estimated valuation of $9 billion. Circle's stablecoin, USDC is available on multiple blockchains, including Algorand which powers the Vesta Property Marketplace.