BxB Inc, a South Korea-based fintech firm has floated the first ever stablecoin which is backed by the Korean won, according to a press release dated January 29. According to a blog post on medium earlier this month, Alex Friedberg, Co-Founder of BxB Inc. said that there was an initial beta soft launch of the coin on Airswap (decentralised exchange platform) prior to the release of the token worldwide and on Korean exchange.
According to reports, KRWb coin is the first ever stablecoin to be produced in South Korea which is backed by the country’s currency, the won. Reports suggest that the coin is backed with the won in a ratio of 1:1. BxB Inc. allegedly managed the mining and burning of KRWb so that they could achieve superior liquidity through an Ethereum based smart contract process which essentially uses a third party auditor and a multi-signature checkpoint.
Four hundred million won ($360,000) deposited initially were collateralised to the commensurate value of KRWb tokens. These funds were brought about by BxB Inc. along with a Singapore based BxB Capital PTE Ltd. According to reports, KRWb will be available worldwide to any user to an ERC-20 compatible service. It is not mandatory to have access to won in order to transact with the KRWb.
Reports suggest that BxB Inc. is in talking terms with the South Korean and global exchanges, and it also has plans of announcing additional listings in the first quarter of 2019. Reports note that at press time, the KRWb is available on three exchanges. From the beginning, Stablecoins have been backed by the U.S. dollar, but now, stablecoins backed by other national fiat currencies are cropping up. On January 30, Bitspark (Hong Kong-based money transfer platform) floated the first ever stablecoin backed by the Hong Kong dollar.