This Crypto Newcomer Takes A 361 Up As Bitcoin Moves Sideways

While most crypto assets have undergone a steep correction, an altcoin has nearly quadrupled in less than a month. The price of the collateral token Amp (AMP) as a service rose from $0.026 on May 23 to $0.12 on Wednesday – a 361% increase. During the same period, the price of Bitcoin ranged between $32,000 and $41,000. Since September 10, 2020, the earliest date Coingecko had trade data for AMP, the Ethereum-based token has increased by nearly 1200%. The team that developed Amp says the platform's native presence is a collateral token designed to provide instant and secure transactions. “As collateral, Amp insures the value of each transfer while remaining unconfirmed – a process that can take from seconds to hours or even days. Amp tokens used as collateral are usually released when consensus is reached for a particular transfer, making them available to collateralize another transfer. If no agreement is reached on the transfer, Amp collateral may instead be liquidated to cover losses. AMP is committed to guaranteeing any exchange of value, including real estate sales, digital payments, fiat currency exchange, and loan payments. Asset transfer collateral, AMP One of the most well-known real-world uses of Amp is to act as collateral for payments made through the Flexa Network crypto payment system. If a payment is delayed or unsuccessful, the AMP in question can be liquidated to complete the payment. Thus, Adds an extra layer of security for counterparties involved in a trade. AMP's price increase came about a week after the coin was made available on Coinbase. Coinbase competitor Gemini announced support for AMP in early September last year. Don't miss a thing – Subscribe to receive crypto email notifications straight to your inbox Follow us on Twitter, Facebook and Telegram Browse Daily Hodl Mix Check the latest headlines

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