Main page News, Fintech, South Korea, Future, Startups, Stablecoins

Blockchain-focused fintech company BxB Inc. has announced the launch of KRWb, the very first ERC-20 based 1:1 Korean Won (KRW) backed stablecoin, according to the official announcement.

The CEO at BxB Inc., Hwan Kim, says the hope that over time they can "grow beyond just a cryptocurrency into a new fiat-to-crypto solution that improves the way we do business in and out of Korea."

Alongside with the announcement, BxB Inc. initiates the full launch of an initial capital deposit of KRW 400 million that has "collateralized an equivalent volume of newly minted KRWb tokens."

As it states, KRWb stablecoin will be synchronized with an equivalent KRW deposit into the KRWb treasury which is managed by BxB Inc.

The team which is responsible for KRWb regulation will list the asset on Korean and global crypto exchanges as well as decentralized exchanges (DEX).

Earlier, other fintech platform, Bitspark, announced the launch of the Hong Kong Dollar (HKD) backed stablecoin, called Sparkdex.HKD.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error