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Cloudflare makes surprise move into crypto space
Cloudflare (NYSE: NET) is planning to introduce NET Dollar, a stablecoin pegged to the U.S. dollar, to enable instant, secure transactions in the AI-driven internet, the American tech giant announced on Sep. 25.
The currency will power a new business model for the internet that rewards originality, creativity, and innovation in the age of AI, the statement read.
Cloudflare to launch NET Dollar
Cloudflare is a leading technology company that helps its clients secure websites and networks, register domains, and access wide area networks, among other services. Now, the tech giant is pivoting to finance and plans to launch a stablecoin for fast, secure, and global payments.
A stablecoin is a type of cryptocurrency that tries to keep its value stable, unlike conventionally volatile cryptocurrencies like Bitcoin and Ethereum, by being pegged to a fiat currency like the USD or a commodity like gold.
Stablecoin for AI-driven internet
The company says NET Dollar will modernize the payment ecosystem for the future internet driven by AI agents:
“The Internet’s next business model will be powered by pay-per-use, fractional payments, and microtransactions—tools that shift incentives toward original, creative content that actually adds value,” Cloudflare co-founder and CEO Matthew Prince said.
“By using our global network, we are going to help modernize the financial rails needed to move money at the speed of the Internet, helping to create a more open and valuable Internet for everyone,” he added.
The company's stock was trading at $217.98 at press time, up 11.5% in a month.
This article has been published in thestreet.com via Yahoo News.
Cloudflare makes surprise move into crypto space
Cloudflare plans to introduce NET Dollar.
finance.yahoo.com
