The world’s largest online gun auction website, GunBroker.com, will integrate a new stablecoin dubbed “FreedomCoin” as a payment method. ICOx Innovations, the company behind the coin, announced the news in a on January 29. “FreedomCoin will allow the users of GunBroker.com, the world’s largest online marketplace for hunting, outdoor sports, and firearm products with over 4.7 million customers and $600M in yearly transactions, the ability to pay for purchases using an easy to use digital wallet,” the company said in the release. The coin itself was launched the same day and marketed as “new regulatory compliant corporate currency.” Bruce Elliott, President of ICOx Innovations, said that FreedomCoin could potentially replace the need for other costly and time-consuming payment options on GunBroker.com.
According to the release, users will reportedly be able to store the FreedomCoin, which is a stablecoin pegged to the US dollar, in bespoke digital wallets.Steven F. Urvan, GunBroker.com’s CEO and CTO, said that purchasing firearms with traditional credit card companies and financial institutions is a painstaking process. “Now we can virtually eliminate that problem and expose a whole new segment of gun and outdoor enthusiasts to the world of digital payments,” he said according to the press release.