The Trend Goes On: The First South Korean Stablecoin Is Launched

South Korean FinTech company BxB Inc has launched the first stablecoin secured by the Korean Won, as reported in the press release of the company.

The beta testing of the coin was conducted on the Airswap decentralized platform before the tokens were released on the global and Korean exchanges, Alex FRIEDBERG, the co-founder of BxB Inc, stated in his blog post.

The coin bears the abbreviation KRWb and currently is the first and only stablecoin created in South Korea and backed by its national currency at the 1:1 ratio. An initial deposit of 400 mln won (approximately $360,000) secures an equivalent number of KRWb tokens. The initial funds were provided by BxB Inc, as well as by the Singapore-based BxB Capital PTE Ltd.

KRWb will be available worldwide for any user on the ERC-20 platform. It is also reported that BxB Inc conducts the talks with South Korean and global exchanges, planning to announce additional listings during the 1st quarter of 2019. Currently, KRWb is available on three exchanges.

Image courtesy of Shufti Pro