News/Frax Finance Plans to Buy Large Amounts of Major Cryptos to Back Its Stablecoin

Frax Finance Plans to Buy Large Amounts of Major Cryptos to Back Its Stablecoin

Apr 08,2022,11:17
Frax, an algorithmic stablecoin protocol, plans to buy billions of dollars' worth of native tokens of major blockchains to use as reserve collateral for its stablecoin. It is reported that such a multi-chain approach for acquiring collateral backing will incentivize the flow of FRAX-denominated transactions on these blockchains. Frax will utilize its Flaxswap platform to execute these large purchase orders on-chain. 
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