BeQuant, leading cryptocurrency exchange based in Malta has recently announced the listing of South Korean Won Stablecoin (KRWb) over its trading platform.
South Korean Won Stablecoin (KRWb)
KRWb, actually meaning Korean Won on the Blockchain, is a crypto token which is backed by a real asset – “Korean won” which is the legal currency of the Republic of South Korea. This is unlike the other cryptocurrencies that are not backed by any kind of real asset, say, for example, bitcoin which is backed up with nothing, with increased chances of speculation to happen on such cryptocurrencies. In the case of KRWb, when 1 KRWb token is created then that means 1 KRW was deposited in the KRWb treasury.
This token is issued using blockchain technologies and can be stored and exchanged using Ethereum Request for Comments token (ERC20). This ERC20 protocol is analogous to HTTP for the Internet. This means the token’s smart contract includes certain functions which have made it ERC20 compliant. Hence, any ERC20 compliant wallet would be compatible to trade or hold KRWb. In order to get the KRWb tokens into trading, it needs to be backed by equivalent fiat KRW.
The team behind KRWb aims to make sure that the token is availed for trading even by a person who has no access to the fiat KRW or Korean-compatible payment methods. This opens up new horizons for the token with huge global accessibility leading to high liquidity.
South Korea is also a well-known country vis-a-vis cryptocurrency market and involvement. The nation has been ahead in support for cryptocurrencies since inception and it seems to adopt crypto in the coming years with its economic upliftment. The Government had recently announced that it has plans to invest 1 trillion won (USD $880 million) on blockchain development in 2019 which is a part of a 5 trillion won project developed to stabilize the economy through creativity. This shows that the country is preparing the ecosystem for breeding blockchain technology and cryptocurrencies.
BeQuant, Leading Crypto Exchange
BeQuant will be one among the other exchanges which lie outside South Korea to list KRWb. The Exchange aims to become one of the first regulated Exchanges in Europe with ranking in the top 10 list for real liquidity of the major cryptocurrencies. Multiple Connectivity protocols like FIX, WebSocket, Rest API are available at BeQuant. The key highlights of the Exchange include fault-tolerance, flawless uptime, and high availability. The Exchange follows a maker/taker fee model. It rebates 0.01% for liquidity provided with passive trades which is quite lucrative to the most powerful market makers.
George Zarya, CEO of BeQuant, says: “Stablecoins are seen as one of the integral parts of the growing crypto ecosystem, not only for its role in the secondary market trading space but also in terms of encouraging mass adoption. While Tether remains the undisputed stablecoin leader in terms of overall volume, the regulated and more transparent nature of newcomers such as KRWb means this coin is managing to gain an increasing market share”
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