First Korean Won Backed StableCoin – Provably Secure Access To Korea From Anywhere

BxB Inc. (Korea) have just launched KRWb, the first ever ERC-20 compatible, globally accessible and provably collateralized stablecoin pegged to deposits of Korean won (KRW). This is an exciting feat considering the Korean market can be isolated from the global crypto-economy at times, for example through the phenomenon of the ‘Kimchi Premium’. Independent audits will be released periodically to prove that deposited KRW deposits match or exceed KRWb liquidity, as part of BxB’s pledge of transparency and to boost confidence.

KRWb is on Airswap now and will launch on two additional exchanges today (January 30 2019), including Coblic (Korea), at 8pm KST and BEQUANT (UK), at 9pm KST.

Today BxB Inc. has also announced a formal partnership with QCP Capital (Singapore) who will act as the first KRWb ‘Issuance Partner’, providing market liquidity of KRWb. KRW 400 million (~USD $358K) in KRWb tokens have been minted at this time, with additional KRW cash reserves on hand for further minting of tokens, per market demand.

 Additional exchange listings and Issuance Partners will be announced throughout Q1 2019.

 Why is the KRWb launch momentous for Korea and beyond?

• Moving fiat KRW into and out of Korea is difficult and expensive in small volumes and near-impossible in large volumes due to strict regulations governing capital flow. Until now investors and businesses faced large foreign exchange risk dealing with Korea. KRWb was created as a fully compliant, technology-driven solution to mitigate this risk.
• KRWb is one of the first non-USD backed stablecoins, offering investors and businesses greater freedom in their choice of crypto-assets.
• Korea is a critical market for the crypto economy, with over 30% of local white collar workers owning crypto assets and 30% of global crypto trading touching the market.
• KRWb is ERC-20 compatible and provides access to a blockchain-based Korean won (KRW) derivative for the first time, meaning streamlined, near-zero asset transfers and access to the global crypto economy, with a token pegged to a stable national currency.
• Beyond the blockchain, Korea is a top 10 global economy – KRWb has the potential to deliver immediate benefits to any investor or business involved in transactions into or out of the country.

Is now really a good time? While the crypto markets are experiencing tumultuous times, crypto trading activity is still strong. In rough seas investors actively seek safe storage options for their assets, making now the perfect time to launch a new financial vehicle that offers the stability of a national currency, while providing ready access to the crypto-economy.

 Led by an experienced, multinational team: The BxB Inc. executive team comprises four executives with successful careers in traditional finance, consumer tech, foreign exchange, crypto trading and blockchain development.

• Hwan and Jiho (Korean nationals) both led teams at Y Combinator and have held CTO and/or senior engineering roles at successful startups and major organisations. They started investing in crypto in 2013 and began researching KRW backed crypto solutions in 2017.
• JJ made his first investment aged 12 and has a lifelong career in traditional finance. He founded BxB Capital in 2017 to provide crypto investment and advisory.
• Alex held senior product manager roles at Grab and Coupang, both multi-billion dollar market leaders in their respective industries. He is co-founder at BxB Capital and has been an active crypto investor and advisor since 2017.

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