Some exciting news for those who see Stablecoins as the
Some exciting news for those who see Stablecoins as the next wave of crypto innovation. Bitspark, a Bitcoin remittance startup located in Hong Kong, has announced the launch of the world’s first stablecoin, which is pegged to the Hong Kong dollar.
Yes that’s right, the stablecoin that has been launched by the company, would have its value pegged to the Hong Kong dollar and will be the first such stablecoin in the market. The stablecoin is being called Sparkdex.HKD. It had started listing on Sparkdex, which happens to be the remittance startup’s decentralised exchange (DEX), by the end of October 2018. It was also listed on Bitshares’ connected DEX.
To give you a little background on Bitspark, founded in 2014, the platform was established with an aim of enabling cross border payments without the need of traditional financial institutions. The company allows people to cash-in and cash-out cryptocurrencies across Asia and Africa, via their cashless mechanism in place.
The stablecoin that they have launched, Sparkdex.HKD, is tied to Bitspark’s reserves of fiat currency in Hong Kong dollars. According to an announcement, the firm will be allowing regular audits which will be conducted by a local audit firm, and that this audit report will be made available to the public on quarterly basis.
Maxine Ryan, co-founder and COO of Bitspark, made a public statement that the launch of Sparkdex.HKD was a “clear opportunity for Bitspark to bring the benefits of this technology to Asia.”
“We’re planning to also launch a further 179+ stablecoins to service the company’s money transfer markets starting initially with emerging and frontier markets.”
If you are familiar with the concept of stabkecoins and other stablecoins like Gemini, which is pegged to the US Dollar, it will be much easier for you to grasp the effects of the launch of Sparkdex.HKD.
This effectively marks the first such instance when stablecoins will be used to facilitate cross border payments.
Citing examples of Gemini or Tether, George Harrap, co-founder and CEO of Bitspark, made it clear that the launch of Sparkdex.HKD shall put an end to the domination of U.S. dollar stablecoins. He said,
“We are proud to have pioneered this landmark first for both the cryptocurrency and traditional finance industry, and anticipate that this will lead the way for much-needed diversity among other currencies within the stablecoin sector.”