- Ontology recently partnered up with Switzerland’s Bitcoin Suisse.
- The two aim to help one another improve their markets in Europe and Asia by listing each other’s tokens.
- Ontology was also listed on other big exchanges, while Bitcoin Suisse’s stablecoin saw an increase in usage.
The state of the crypto ecosystems across Europe is getting more and more developed, although it continues to advance rather slowly. As such, there is a lot of room for new businesses to try and establish themselves, thus growing their own ecosystems.
Ontology teamed up with Swiss-based Bitcoin Suisse
One example of a company that aims to fill in the void in the EU markets is Ontology. The platform recently teamed up with a cryptocurrency financial services provider from Switzerland, called Bitcoin Suisse. The two plan to help the European and Asian ecosystems.
As part of the partnership, Bitcoin Suisse recently listed Ontology’s token, ONT. Meanwhile, Ontology returned the favor by listing a stablecoin CryptoFranc (XCHF).
However, this is not the first major listing that Ontology has achieved recently. It also managed to get its token on several other big platforms that dominate the European market, such as Bitpanda and eToroX.
Ontology also plans to establish a new office in Berlin in the near future, which will help with expanding its influence in Europe.
Stablecoin use grows during the pandemic
Meanwhile, XCHF itself saw significant improvement in performance over the recent months, alongside the rest of the stablecoins. The COVID-19 pandemic has caused major fears, which led to the crash of a global economy.
Investors around the world engaged in oversale in order to protect their investments. As a result, the stock prices crashed, and cryptocurrencies were soon to follow, supposedly due to correlation.
Since then, the crypto industry saw a major recovery, which did not only nullify the losses experienced by most coins, but it also helped many a coin reach a new yearly high.
Stablecoins were among the best performers, due to their never-changing price, pegged to fiat currencies, or maintained in other ways. Their stability and resistance to volatility attracted many investors who were still interested in crypto.
A lot of investors sold their altcoins, as well as Bitcoins, in exchange for stablecoins, and then kept these coins while waiting for a recovery to commence. As such, stablecoins became a safe haven that cryptos overall were expected to be in the times of crisis.
