Bidex issues Korean won stablecoin 'KRW1'… completes PoC based on Avalanche
Summary
- Bidex said it has issued the Korean won stablecoin 'KRW1' and completed a proof-of-concept (PoC) based on Avalanche.
- 'KRW1' is backed 100% by Korean won collateral, and the reserves will be deposited in an account at strategic partner Woori Bank.
- They also said they built an application enabling free transfers between users and an API integration system for real-time reserve monitoring.
Cryptocurrency custody firm Bidex has issued the Korean won stablecoin 'KRW1' and appears to have completed a proof-of-concept (PoC).
On the 18th, industry sources said Bidex issued the Korean won stablecoin 'KRW1' and completed the technical steps for it. The issuance is carried out on the Avalanche (AVAX) blockchain.
Meanwhile, KRW1 is Bidex's stablecoin project that completed trademark registration in December 2023. The company has built issuance and management systems and also developed an application that enables free transfers between users. Reserves are fully secured by Korean won collateral and will be deposited in an account at strategic partner Woori Bank. They also enabled real-time monitoring of reserve status through API integration.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
![[Market] Bitcoin slips below $75,000…Ethereum also falls under $2,200](https://media.bloomingbit.io/PROD/news/eaf0aaad-fee0-4635-9b67-5b598bf948cd.webp?w=250)
![[Today’s Key Economic & Crypto Calendar] US January Manufacturing PMI, etc.](https://media.bloomingbit.io/static/news/brief_en.webp?w=250)
![[Market] Bitcoin breaks below $76,000 as selloff shows no sign of easing](https://media.bloomingbit.io/PROD/news/0b328b54-f0e6-48fd-aeb0-687b3adede85.webp?w=250)