South Korean firm launches Won-backed KRWb stablecoin

30 Jan, 2019
by David Robb
News
South Korean firm launches Won-backed KRWb stablecoin

A South Korean fintech firm has launched a new stablecoin. KRWb, from BxB Inc., will be the first digital token backed by South Korea's national currency, the Won (KRW).

According to a Medium post from BxB, the KRWb will initially be launched in a beta version on the AirSwap decentralized exchange. It will subsequently be available on more DEXs as well as regular crypto exchanges in Korea and globally. The stablecoin will be "buyable with Bitcoin (BTC), Ether (ETH), KRW, USD, True USD (TUSD) and more".

KRWb is an ERC-20 token, and will be pegged 1:1 to the KRW. BxB Inc. apparently has around 400 million won ($360,000) as initial reserves to back the stablecoin, with funds from from Singapore-based BxB Capital PTE Ltd.

Although Tether (USDT) still dominates the market, other stablecoins are growing in popularity, and a number of new ones have been launched since 2018. Although most are still pegged to the USD, other currencies are increasingly being used as the fiat peg for these digital tokens, which are primarily used as a buffer against the volatility of crypto prices.

Read more: Bitspark launches first stablecoin pegged to the Hong Kong Dollar (HKD)Will stablecoins and security tokens lead crypto innovation?

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Read more about:South Korea

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Add a comment

Another firm decided to earn extra money on glory of Tether by releasing a parody of this coin
31 Jan, 2019 - 18:58
It`s a pity but there is a great number of such companies. how can we deal with it?
11 Feb, 2019 - 12:42
unfortunately it is only business, we have to get used to it
15 Feb, 2019 - 10:52
it's very funny. the try to do something better thant tether but no results ) usdt is best as of today
31 Jan, 2019 - 20:47
Tether needs competition, as new coins force Tether to improve. But no one will invest money in other coins anyway
31 Jan, 2019 - 20:55
well people do invest in other coins actually. Big procent into Tether in my opinion.
04 Feb, 2019 - 19:59
seems like another copy of tether. but we need to give it time to gain more traction and then we can decide on this new stablecoin
06 Feb, 2019 - 09:46
It can be very good coin but still no opportunity to become Tethers competitor
14 Feb, 2019 - 08:32
well tether is already established asset that also has a lot of demand from the traders so I do not think that any stablecoin has ability to take dominant place among stablecoins
13 Feb, 2019 - 09:27
stablecoin market is now very attractive for new investors as well as for scammers. people have to be aware of scam projects like PAX stablecoin
19 Feb, 2019 - 15:22
i am not accusing however the basic idea of this project looks a lot like tether. there are actually many different stablecoins that decided simply to copy it's model and launch without adding anything new or innovative
20 Feb, 2019 - 20:38
more new coins appear as good second choice and tether dominates.
interesting new coin by the way, i like innovations
21 Feb, 2019 - 12:13
maybe this coin will be financially secured and reliabe unlike PAX token
22 Feb, 2019 - 09:51

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