KRWb Sunset Announcement
April 6, 2020
To our faithful KRWb community,
On behalf of the entire KRWb team, past and present, we want to thank everyone for their support throughout our magical journey over the past 18 months. From the ‘rise of stablecoins’ in the summer of 2018, through our first minting of KRWb in January 2019, to our initial partnership with Binance back in January, until now, April 2020, where we decide the ultimate fate of KRWb. It’s been a journey filled with ups and downs, pitfalls and windfalls, and an outcome we couldn’t be more excited for.
With the recent news of BxB Inc.’s acquisition by Binance and their aspirations to focus on Binance KRW (BKRW) as an integral part of the Binance ecosystem, it leaves us with a question that must be answered for our KRWb community: “What happens to KRWb now?”
It is true that businesses of BKRW and KRWb will not overlap; however, we never forgotten that our customers, users and partners must always come first in times of transition. Without you, we would never have arrived to where we stand today. After careful considerations of options and feedback received in the past few weeks, we are making the sad decision to sunset KRWb in the coming months ahead. The operational and financial difficulties of maintaining two separate businesses, road maps and activities isn’t within our means to handle.
Nevertheless, as promised from day 1, our pledge to transparency has not waived. KRWb has always been, and still remains backed 1:1 by KRW. Our team has been working to retrieve all outstanding KRWb purchased by the community, even amidst limited market liquidity and exchange listings. The remaining KRWb in circulation is less than ~$15k USD (16,860,432.45 KRWb at time of writing) and we encourage all remaining KRWb holders who wish to convert their KRWb back to fiat South Korean Won to contact our team directly via our official channels — please be vigilant against rogue actors impersonating our admins in this regard — we will never ask for your private account or private key details.
The dreams of KRWb are not lost and shall continue to live on as our team pivots attention to the recent issuance of Binance KRW (BKRW), a BEP-2 stablecoin with similar mechanics, as well as the announcement and launch of Binance KR. The final timeline and methodology of KRWb’s sunset will be determined once we identify all the remaining KRWb holders and discuss final options to redeem and burn the rest of the KRWb tokens.
Thank you, once again to our community!
Sincerely,
The KRWb Team
Official TG: https://t.me/KRWbStableCoin
KRWb Holder Inquiry: https://forms.gle/QuGJDwkgoJBT2sMU8
