Bitspark launches first stablecoin pegged to the Hong Kong Dollar (HKD)

29 Jan, 2019
by David Robb
Bitspark launches first stablecoin pegged to the Hong Kong Dollar (HKD)

The first stablecoin to be backed by the Hong Kong Dollar (HKD) has recently been launched, as reported by FinTech News. Sparkdex.HKD is supported by crypto transfer platform Bitspark.

"Until now, US Dollar stablecoins have dominated the market but there are other national currencies in the world, like the Hong Kong Dollar. We are proud to have pioneered this landmark first for both the cryptocurrency and traditional finance industry, and anticipate that this will lead the way for much-needed diversity among other currencies within the stablecoin sector", said George Harrap, Co-Founder and CEO of Bitspark.

Sparkdex.HKD is currently available on Sparkdex, Bitspark's decentralized trading platform, as well as the BitShares DEX. It is intended to be integrated into other exchanges as soon as there is demand. The stablecoin is backed by physical reserves of HKD held by Bitspark, which will be subject to a quarterly audit in order to maximize transparency for the investing public.

The development of digital tokens that are pegged to national currencies other than USD is a relatively new phenomenon, although it is a logical progression after crypto price volatility and issues with leading stablecoin Tether (USDT) led to a boom in fiat-backed coins towards the end of 2018. 

Read more: Digital Garage and Blockstream provides a platform to test Yen-pegged stablecoinA bank in Brazil is about to use Ethereum to issue a stablecoinWill Bitcoin recover in 2019?

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