South Korean Fintech Firm launches Won-Backed Stablecoin

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According to a press release, South Korea based fintech firm BxB Inc. has started the first stablecoin supported by Korean Won.

As per a medium blog post by the co-founder of BxB Inc. Mr. Alex Friedberg, prior this month, that there was an initial soft launch of the coin on Airswap, a decentralized exchange platform before the tokens were issued on the global and Korean exchange.

The coin, KRWb is the first stablecoin produced in South Korea to be backed by the national currency, the won. The coin is supported with the won at a 1:1 ratio.

BxB Inc. managed the mining and burning of KWRb in order to better ensure liquidity via an Ethereum-based smart contract process using a multi-signature checkpoint and a third party auditor.

The primary deposit of 400 million won was collateralized to the equivalent value of KRWb tokens. The funds were generated by BxB Inc and investment from Singapore-based BxB Capital PTE Ltd.

KWR will purportedly be available worldwide to an ERC-20 compatible service. Users don’t need access to the won in order to transact with the KRWb.

BxB Inc. is reported to be in an ongoing discussion with South Korean and exchanges worldwide, including plans to declare the additional listing during Q1 2019. Currently, KRWb is live on three exchanges.