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South Korean Fintech company launches the first stablecoin

Fintech BxB Inc., based in South Korea, has launched the first alleged stable currency backed by the Korean won, according to a press release shared with the Cointelegraph on January 29.

There was an initial beta release of the currency in Airswap, a decentralized exchange platform before the tokens were launched in global and Korean exchanges, according to a post in Medium by BxB Inc co-founder Alex Friedberg. of this month.

The currency, KRWb, is supposedly the first stable currency produced in South Korea that has the backing of the national currency, the won. The currency is supposedly backed with the won in a 1: 1 ratio.

BxB Inc. allegedly managed the mining and burning of KWRb to better secure liquidity through an intelligent contract process based on Ethereum using a multi-signature checkpoint and an external auditor.

The value of KRWb tokens

The initial deposit of 400 million won (USD 360,000) was guaranteed with the equivalent value of the KRWb tokens. The funds were generated by BxB Inc, as well as by investments of BxB Capital PTE Ltd., based in Singapore.

KRW will be available globally for any user in a service compatible with ERC-20. Users do not need to have access to the won to make transactions with KRWb.

BxB Inc. is reported to be in ongoing discussions with exchanges in South Korea and the world, including plans to announce additional listings during the first quarter of 2019. KRWb is in three exchanges according to a statement shared with Cointelegraph.

While larger stable currencies are linked to the US dollar, digital currencies linked to other national fiduciary currencies are emerging. Yesterday, the Hong Kong-based money transfer platform, Bitspark, launched what is reported to be the first stablecoin linked to the Hong Kong dollar.

Also published on Medium.

Published inFintech

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