In line with a recent official press release published, renowned ‘South Korean‘ fintech firm BxB Inc. has launched the primary supposed stablecoin backed by the Korean won ‘KRWb’.
There was an initial beta soft launch of the coin on Airswap, a decentralized exchange platform, before the tokens were revealed on the global and Korean exchange, in line with a Medium ‘web-blog post‘ by the co-Founder of BxB Inc., named ‘Alex Friedberg’, earlier this month in 2019.
The coin, KRWb, is reportedly the primary stablecoin made in South Korea to be backed by the national currency, the won. The coin is supposedly supported with the won at a 1:1 ratio.
BxB Inc. supposedly managed the mining and burning of KWRb so as to raise assured liquidity via an ‘Ethereum‘-based smart contract process employing a multi-signature checkpoint along with a 3rd party auditor.
The initial deposit of around 400 Mln won [$360,000 USD] was collateralized to the equivalent worth of KRWb tokens. The funds were generated by BxB Inc., along with an investment from Singapore-based BxB Capital PTE Ltd.
KRW can reportedly be offered globally to any user to an ERC-20 compatible service. Users don’t need to access to the won so as to interact with the KRWb.
BxB Inc. is reported to be in progressive discussions with South Korean and international exchanges, as well as plans to announce further listings throughout Q1 of this year. The KRWb is presently live on three exchanges, as per the official press release published.
Whereas the major ‘stablecoins‘ are pegged to U.S.D., digital currencies pegged to other national fiat currencies are rising. Just yesterday, Hong Kong based money transfer platform named ‘Bitspark’ launched what’s reportedly the primary stablecoin pegged to the Hong Kong’s dollar.