South Korea Launches Won-Based Stablecoin
A South Korean firm BxB Inc. announced the launch of the first stablecoin, based on national korean currency – won. Previously, the coin has been beta-launched on Airswap.
The time has come
South Korea has been a crypto pioneer for years but this time, the world has already overtook Korean solutions. A stablecoin is a well-known institution on the cryptocurrency stage but apparently, South Korea took some time to realise that. Now it’s about time to make up for the lost changes in the past.
Words are spreading across the world that South Korea launches a new, national currency-based stablecoin. KRWb coin was created by the South Korean fintech company BxB Inc. The idea behind it was to be supported by the Korean national currency – won, at the 1:1 ratio. Which basically means it should work like every other stablecoin out there. KRWb will be based on Ethereum smart contracts. The initial deposit of the new coin reached 400 million won (around 360,000 US dollars). The funds were collected by the originator of the idea – BxB.
Before the KRWb coin was announced as an official South Korean stablecoin, it was already beta-launched on Airswap. The news was shared via the coin’s official Medium page.
The negotiations go on to introduce the KRWb on multiple exchanges across the globe. For now, it is supposedly available on three local ones. The stablecoins are pillars that many cryptocurrencies can rely on. While the biggest ones out there are obviously based on the US dollar, other stablecoins are growing and expanding their popularity. South Korean latest solution will definitely be something that we will hear more of in the future.
If you want to comment this article, visit our Blockchain24.co forum!
The blockchain24.co site shall not be held responsible for any consequences resulting from the use of data contained in the pages of the site.