Fintech company BxB Inc. has introduced the first supposed stablecoin supported by the Korean won.
This is according to a press release that was published by Cointelegraph.
There was an preliminary beta soft launch of the coin done on Airswap, a decentralized exchange platform, before the tokens were announced on the global and Korean exchange.
This is according to a Medium blog post by the co-Founder of BxB Inc, Alex Friedberg, earlier this month.
The coin, KRWb, is supposedly the first stablecoin generated in South Korea to be backed by the national currency, the won. The coin is supposedly backed with the won at a 1:1 ratio.
BxB Inc professedly managed the mining and burning of KWRb to better ensure liquidity via an Ethereum-based smart contract process with the use of a multi-signature checkpoint and a third party auditor.
The initial deposit of 400 million won ($360,000) was collateralized to the equal value of KRWb tokens. The funds were generated by BxB Inc, together with an investment from Singapore-based BxB Capital PTE Ltd.
KRW will be available worldwide to any user to an ERC-20 compatible service. Users do not need access to the won to transact with the KRWb.
BxB Inc. is said to be in discussions with South Korean and global exchanges, including plans to introduce additional listings during Q1 2019. The KRWb is live on three exchanges.
While the more prominent stablecoins are pegged to the U.S. dollar, digital currencies pegged to other national fiat currencies are slowly emerging. Hong Kong-based money transfer platform Bitspark recently launched what is supposedly the first stablecoin pegged to the Hong Kong dollar.
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