Crypto Startup Bitspark Introduces Hong Kong Dollar-Pegged Stablecoin

Announcements, News | January 30, 2019 By:

Cryptocurrency money transfer platform Bitspark has introduced a new stablecoin pegged to the Hong Kong dollar (HKD).

Founded in 2014, Bitspark, a crypto-financial services provider for the APAC region, operates an online platform for cryptocurrency trading. Its platform also allows users to send money overseas and pay bills online.

The company claims that its new stablecoin, called Sparkdex.HKD, is the world’s first market-ready HKD-backed cryptocurrency. The stablecoin was listed on Sparkdex, Bitspark’s decentralized exchange and Bitshares connected DEX on 31 October 2018. Bitspark claims that the Sparkdex.HKD reached a market capitalization of around $500,000 HKD ($63,700 USD) after one month of trading.

“Until now, US Dollar stablecoins have dominated the market but there are other national currencies in the world, like the Hong Kong Dollar,” said George Harrap, Co-Founder and CEO of Bitspark. “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.”

Maxine Ryan, co-founder and COO of Bitspark, said that they see the launch of Sparkdex.HKD as a clear opportunity for Bitspark to bring the benefits of this technology to Asia.

“We’re planning to also launch a further 179+ stablecoins to service the company’s money transfer markets starting initially with emerging and frontier markets,” Ryan said.

Stablecoin are crypto assets that have price stability characteristics that make it suitable for short-term and medium-term use as a unit of account and store of value. The most popular stablecoin is Tether (USDT). However, there are suspicions that USDT is not truly backed by US dollars as the company has yet to agree to a transparent audit. As a result, other projects are scrambling to take its place. According to a recent report, at least 57 stablecoins have been released or are in development globally.