Stablecoin Pegged To Won Unveiled By South Korean Firm
BxB Inc., a South Korea-based fintech company, has introduced a stable coin, the first of its kind that is pegged to the Korean won. Per a Medium post by Alex Friedberg, co-Founder of BxB Inc., the first beta launch of the crypto was carried out earlier this month on the decentralized exchange platform Airswap before the tokens were listed on the international and Korean exchange.
Notably, KRWb is South Korea’s first stable coin pegged to the won on a 1:1 ratio, the national currency. The mining and burning of KWRb was carried out by BxB Inc in order to ensure adequate liquidity through a smart contract deployed on Ethereum blockchain. The smart contract, which uses a multi-signature checkpoint, was verified by a third party auditor.
Initial lot of KRWb tokens was collateralized with 400 million won ($360,000) raised by BXB Inc. Singapore-based BxB Capital Pte Ltd., participated in the funding.
Any user of an ERC-20 compatible service will have access to KRW. Furthermore, the fiat currency won is not necessary to transact with the KRWb. BxB Inc., which is currently negotiating with several international and South Korean exchanges, is planning to announce more listings during Q1 2019. As of date KRWb is live on three exchanges.
Almost all the popular stablecoins are pegged to the US dollar. However, stablecoins pegged to other national currencies are also emerging slowly. Notably, Bitspark, the Hong Kong-based money transfer platform introduced the first stablecoin pegged to the Hong Kong dollar.