The Trend Goes On: The First South Korean Stablecoin Is Launched
CryptoBit News Today1 min read
BxB Inc, the South Korean FinTech company, has launched the country's first stablecoin pegged to the Korean Won, according to a press release from the company.
The initial beta testing of the KRWb token was conducted on the decentralized trading platform Airswap, with wider availability coming via international and Korean crypto exchanges, as reported in a blog post by BxB Inc co-founder Alex Friedberg. The stablecoin, pegged to the Korean Won on a 1:1 basis, is secured by an initial ₩400 million (around $360,000) deposit from BxB Inc and Singapore-based BxB Capital PTE Ltd. It is the first and only fiat-collateralized stablecoin in the South Korean market.
The ERC-20-based KRWb will be available to users across the globe and BxB Inc is reportedly in discussions with exchanges both domestically and internationally on the possibility of additional listings in 1st quarter 2019. The stablecoin is currently available to purchase or trade at three exchanges.
