GRAND CAYMAN, Cayman Islands, Oct. 22, 2019 /PRNewswire/ -- Frax, the world's first algorithmic and fully decentralized stablecoin on the blockchain today announced Stephen Moore, Trump economic advisor and former Federal Reserve nominee, and Ralph Benko, former Reagan deputy general counsel, joined the company's executive team.
Moore and Benko are joining Sam Kazemian, co-founder of Everipedia and Frax to launch the first fully decentralized global currency aimed at eliminating currency transaction costs, while inhibiting currency manipulation, which is commonplace throughout the world.
Moore is joining Frax as co-founder and is a distinguished economist who plans to apply the skills and experience he acquired from the decades of financial public policy work at the highest levels.
"Frax is creating a new global economic monetary paradigm," said Stephen Moore, chief economic officer at Frax. "Central banks will soon feel the competition from private currencies such as Frax. Currencies are intended to retain their value over time, but given the wild gyration in values of currencies and the struggle in many countries with hyperinflation, we need a global currency that has a stable value to benefit consumers, businesses and investors."
Frax is the first algorithmically-driven global currency that is fully decentralized and backed by fractional reserves. All loans of Frax's reserve assets are done on the blockchain, which eliminates the need for a central bank and ensures that Frax owners have complete confidentiality in how they spend their funds. As a noncustodial stablecoin, users can reliably trade the token around the world without fear for privacy invasions, government shut-downs and most importantly – price manipulations. Owners of Frax can send money around the world without worrying about remittances or fees meaning people can ensure that the money they send abroad will stay the same value today and tomorrow.
Benko also joins the executive team as general counsel. He is a national economic thought leader, a former deputy general counsel to President Ronald Reagan and was senior counselor to the Chamber of Digital Commerce, the leading trade association for the blockchain ecosystem.
"Frax's unique and elegant design offers the prospect for success where other stablecoins have struggled," said Benko. "It will empower owners to trade in a currency that they know will remain a stable unit of account and store of value and transparent and reliable across the globe. We aspire to make Frax what Bank of England governor Mark Carney called the 'synthetic hegemonic currency' of the future."
"It is an honor to have Stephen and Ralph join Frax as we launch the world's first truly decentralized stablecoin," said Sam Kazemian, Everipedia co-founder and CEO of Frax. "With both of their exceptional perspectives, we are making a reliable, safe and secure stablecoin designed to make the world's international financial and monetary system more stable and efficient, transforming the world of finance forever."
About Stephen Moore
Stephen Moore served as Trump's top economic advisor, he was responsible for formulating both domestic and international economic policies. Stephen Moore was involved as an economic and public policy editor on The Wall Street Journal and as a Senior Economic Analyst on Fox News and CNN. Stephen Moore has a B.A. from the University of Illinois at Urbana–Champaign and an M.A. in economics from George Mason University.
About Ralph Benko
Ralph Benko, an early member of the Kemp Supply-Side team and founder of the Prosperity Caucus in Washington DC, was a deputy general counsel to two Reagan White House agencies and has worked for and with various federal agencies and extensively with Capitol Hill. He is a widely published financial and political columnist, described by public intellectual George Gilder as a "monetary theory virtuoso," and served as lead co-editor of the most esteemed modern translation of Copernicus's Essay on Money. holds a J.D. from Boston University Law School and is a member of the New York State bar.
About Sam Kazemian
Sam Kazemian is an Iranian-American software engineer, entrepreneur and cryptocurrency developer and enthusiast. He is the co-Founder and president of Everipedia, the first decentralized online encyclopedia on the blockchain. He founded the company with Theodor Forselius, Mahbod Moghadam and Travis Moore in 2015. He started the Everipedia project while attending UCLA in 2014.
Frax aims to become the world's first fractional reserve backed stablecoin with a team of experts in blockchain and global economic sectors. Frax will initially be launched on Ethereum and EOS Mainnet. Find out more at frax.finance and join the Frax Telegram group.
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