First Korean Won-Backed Stablecoin Issued By FinTech Firm BXB

Announcements, News | February 3, 2019 By:

FinTech firm BXB Inc. has officially released its Korean won backed stablecoin, KRWb, which aims to address the growing pains surrounding the Korean crypto market.

In its announcment, the company claims that KRWb is the “first ERC-20 compatible, globally accessible and collateralized stablecoin pegged to deposits of Korean won.” It builds on concepts from stablecoins such as USDT, TUSD and other fiat-backed coins and localizes them to specifically address the capital control-heavy Korean market.

“Every KRWb token generated will be matched with an equivalent KRW deposit into the KRWb treasury that is securely stored in a bank account managed by BxB Inc,” the company said. “KRWb is an ERC-20 token that can be easily held and/or transferred globally with any ERC-20 compatible wallets and other ethereum-based products and services available in the crypto-economy, including relevant exchanges.”

According to the company, 400 million KRWb coins have been released, which was made possible through funds generated by BxB. QCP Capital has been selected as the first ‘issuance partner,’ ensuring market liquidity of KRWb tokens. The stablecoin will be listed on Korean cryptocurrency exchange Coblic and global exchange BEQUANT. BXB expects to announce additional exchange listings over the course of Q1 2019.

“We’re excited to announce and bring to the global community the world’s first provably collateralized Korean Won backed stablecoin,” said Hwan Kim, CEO at BxB Inc. “We hope that over time we can grow beyond just a cryptocurrency into a new fiat-to-crypto solution that improves the way we do business in and out of Korea.”