Korean Won Backed Stable Coin (KRWb) In Development by BXB Capital
Feb 1, Update: KRWb has Announced their Launch and First Exchange Listings here:
KRWb: A Stable Bridge from Korea to Anywhere
2018.10.23
Greeting from Seoul, South Korea,
The BXB Capital founding team is excited to announce our plan to launch a Korean Won backed stable coin (KRWb), which aims to address the growing pains surrounding the Korean Cryptocurrency market. The project is being incubated locally out of Korea by two of our co-founders, Jiho Kang and Hwan Kim, both Y Combinator and 500 Startups alums from their past ventures.
The project builds on concepts from stable coins such as USDT, TUSD and other fiat-backed coins and localizes them to specifically address the capital control-heavy Korean market. The team has engineered KRWb by evolving concepts leveraged during the founders’ early 2017 venture, which was originally focused on capturing the Korean-American crypto-to-fiat arbitrage route.
“We’re leveraging our track record, knowledge, expertise, partnerships and all of the supporting infrastructure we’ve built over the last 1.5 years to launch an initiative we believe addresses serious deficiencies within the Korean landscape” says Jiho Kang, co-founder and managing partner of KRWb.
KRWb plans to be fully capitalized and 1:1 backed with the Korean Won being held unleveraged in a Korean bank account. The team also plans to work with 3rd party auditors to maintain account balance transparency. As a whole, KRWb is designed to offer a transparent, fair, and honest financial product to the broader financial market.
The subsidiary venture is being privately funded by BXB Capital and a sole strategic Korean investor. The team has already signed MOUs with a handful of Korean exchanges and their first KRWb issuance partner, but are engaged in continuous discussions with many of the top Korean and global exchanges as they prepare for their first issuance testing in Q4’18.
The team will continue to release updates as development progresses. Those interested in collaborating with the KRWb team in any capacity can contact us to explore options for cooperation.
- Telegram: t.me/KRWbStableCoin
- KRWb Website: krwb.io
- BXB Capital Website: bxbcapital.com
- Twitter: @KRWb_Token
- Email: hello (at) krwb.io
