South Korean firm Fintech launches its first Won-Backed Stablecoin
In this article, it is possible to glimpse the great possibilities offered by the blockchain-bitcoin technology, as the genesis of the creation and innovation of international finance, the countries that are going through problems of various kinds can generate these alternatives, for this, it is necessary create a very clear system, auditable in real time and that any user can access the information and make the best decision before investing.
South Korean-based fintech BxB Inc. has launched the first alleged stablecoin backed by the Korean won, according to a press release shared with the Cointelegraph on January 29.
There was a soft launch as the initial beta test of the currency in Airswap, a decentralized exchange platform, before the tokens were launched in the global and Korean exchange, according to a publication of the Medium blog by the co-founder of BxB Inc., Alex Friedberg In the first days of this month.
The currency, KRWb, reportedly in a report, the first stablecoin produced in South Korea to be backed by the national currency, the won. The currency is supposedly compatible with the won in a 1: 1 ratio.
BxB Inc. allegedly managed the extraction and burning of KWRb to ensure better liquidity throughan intelligent contract process based on Ethereum using a multiple signature checkpoint and an external auditor.
The initial deposit of 400 million won ($ 360,000) was guaranteed at the equivalent value of the KRWb tokens. The funds were generated by BxB Inc, as well as the investment of BxB Capital PTE Ltd. based in Singapore.
KRW will be available globally to any user of a service compatible with ERC-20. Users do not need access to the won to make transactions with the KRWb.
BxB Inc. is reported to be in ongoing discussions with South Korea and global exchanges, including plans to announce additional listings during the first quarter of 2019. KRWb isactive in three exchanges, according to a statement shared with Cointelegraph.
While the largest stablecoins are linked to the US dollar, digital currencies linked to other national fiduciary currencies are emerging. Yesterday, Bitspark, the HongKong-based money transfer platform, launched what is supposed to be the first debt bank linked to the Hong Kong dollar.
Blockchain technology offers the opportunity to generate new concepts in business from the realities of diverse economies, at this time there are storms in the international trade sector, the clashes between economic powers such as China, the United States, from these conjunctures new opportunities arise, it is possible that in a short time, the stablecoins occupy very important spaces, the support can be from the raw materials such as: gold, oil, gas, diamonds, it is quite a challenge and it will be a question of time that some nations that are being besieged by unilateral sanctions such as: Iran, Russia, Venezuela, among others, take initiatives that break down barriers and can follow economic progress. New adsare expected.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.