The new digital asset will allow for greater transparency in the trading of digital assets
LONDON, JANUARY 2019. Today BeQuant – one of the world’s biggest institutional cryptocurrency trading platforms – has announced that the South Korean Won stablecoin (KRWb) has been added to its exchange.
The team behind KRWb have created a fiat-backed stablecoin to ensure price stability. For every KRWb token created, one South Korean Won (KRW) will be deposited into the KRWb treasury. This will then form a “digital KRW” which will be created as an Ethereum Request for Comments token (ERC-20) that can be transferred globally or held by anyone who has access to an ERC-20 compatible wallet.
Through this process, KRWb will be adhering to a set of rules which need to be met in order for a token to be accepted and called an 'ERC-20 Token'. Standard rules apply to all ERC-20 Tokens since these rules are required to interact with each other on the Ethereum network. The result is a far more reliable asset that investors can trust.
KRWb is the first stablecoin that aims to give global accessibility of value transfers in and out of Korea. The nation is well known for its high tech and pro-innovation policy, supporting the growth of cryptocurrencies in the market and leading many to suspect the country will be at the heart of mass crypto adoption in the future. The launch of the coin will give investors the ability to buy KRWb even when they cannot obtain fiat KRW or Korean-compatible payment methods.
BeQuant will be one of the first exchanges outside of South Korea to list KRWb as an asset on its platform, with USD Coin (USDC) and Bitcoin (BTC) KRWb trading pairs being the first two listings available for investors. There will also be an Over the Counter (OTC) support for KRWb block trades against various crypto and fiat currencies.
Given the strategic importance of South Korea to the fast-growing digital asset sector, together with the highly fragmented nature of the industry which allows for arbitrageurs to capture market inefficiencies, the listing is expected to attract significant volume from investors. The introduction of KRWb will lead to a more efficient and transparent structure, which is a fundamental factor in establishing the mass adoption of cryptocurrencies.
George Zarya, CEO of BeQuant, says:
“The fact that Bitcoin – and cryptocurrency in general – have continued to exist for a decade despite heavy criticism from traditional financial communities is a huge achievement. The market has been undergoing a period of maturity and despite the severe losses suffered, there are several positive signs, such as the growing participation from institutional grade financial groups, that point to a bright future. It is also worth remembering that this is probably the first crypto-bear market to have such high publicity from mainstream media.
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.”
BeQuant is the leading cryptocurrency exchange developed by BeQuant Technologies Limited (UK). The team behind the business has been in the blockchain space since 2012. Created by outstanding technical minds, experienced finance professionals and traders, BeQuant is delivering a reliable, fast and powerful platform solution to the market. The platform’s core matching engine is among the best technological products in its class, offering traders a wide range of features such as real-time clearing and cutting-edge order matching algorithms.