Binance issues Korean Won-pegged stablecoin – BKRW
Malta-based cryptocurrency exchange Binance is in the news after it issued Binance KRW [BKRW], a BEP-2 stablecoin pegged to KRW [Korean won], in partnership with BxB, Inc. of South Korea on 5 March 2020. According to the statement, BKRW will now be available for trading at a rate of “1 BKRW = 1 KRW.”
The exchange went on to reveal its plans to integrate BKRW into the global ecosystem; however, there are no specific details about this yet.
Binance had announced its partnership and investment in BxB, the fintech company behind the first South Korean won (KRW)-backed stablecoin, ‘KRWb,’ just recently. So, the latest news of the exchange releasing a Korean won gateway was more than expected.
The exchange had previously stated that the partnership went hand-in-hand with its long-term plans to strengthen its access to the global cryptocurrency system, while increasing the freedom of money. Changpeng Zhao, CEO of Binance, had then stated,
“We are continuously working with local partners across regions to jointly realize our shared mission in furthering cryptocurrency adoption globally. This investment is another step forward in exploring avenues of growth in Korea, which is an industry-leading market strongly positioned to stimulate blockchain innovation throughout Asia.”
Jiho Kang, Co-Founder of BxB, also commented on the partnership by saying the partnership with Binance is helpful to the Korean market by ensuring proper diligence and full regulatory compliance.
Binance had been in the news recently for supporting the Nigerian Naira [NGN] on its peer-to-peer platform on 4 March 2020. The NGN integration allows users in Nigeria to buy and sell cryptos including BTC, Ether, Tether [USDT].
Not even a month ago, Binance allowed the use of 15 fiat currencies to buy crypto directly from their exchange platform.