Binance issued its first 1:1 backed stablecoin pegged to Korean Won in partnership with Korean fintech company BxB.
The new stablecoin is named Binance KRW (BKRW) and will soon be available for trading on the Binance platform.
“Binance has issued Binance KRW (BKRW), a BEP-2 stablecoin pegged to KRW, in partnership with BxB, Inc. of South Korea,” said Binance in twitter official account.
Binance’s stablecoin pegged to KRW
Binance’s partnership with BxB and issuing a stablecoin comes after the South Korean government showed greenlight to cryptocurrency trading in the country. Although some new strict regulations will be applied to Korean exchanges, the latest decision means more legitimacy and activity in the crypto industry of Korea. Binance decided an excellent timing to issue and support BKRW, which will be traded soon at the rate of 1 BKRW = 1 KRW.
The new partnership for Binance comes aligns with more important past ones and indicates the exchange’s decision for growing presence and activity around the world. The exchange just started a partnership with the first traditional bank in Turkey and also announced adding Nigerian Naira to its P2P platform.
Changpeng Zhao – known as CZ Binance – CEO in Binance, calls the new partnership an excellent opportunity for crypto traders in South Korea.
“$KRW stablecoin. Now you can cash in on the kimchi premium!” he tweeted.
BxB is a Korean-based stablecoin company. It started a collaboration with Binance in January 2020. BxB has issued the first Korean stablecoin dubbed KRWB before. The coin is now traded at exchanges like HitBTC and Bequant. BxB claims features like global market and security for its stablecoin.
But the new partnership with Binance and issuing another stablecoin for one of the biggest crypto exchanges in the world may lead to KRWB lose market share. Anyway, BxB hopes for the future working with Binance.
“We are very excited to partner with Binance and looking forward to providing a service that’s both meaningful and useful to our communities and the Korean market while ensuring proper diligence from the formulation of the business and full regulatory compliance,” said Jiho Kang, Co-Founder of BxB in January.
Binance has always tried to have a leading role in making the crypto industry in South Korea. It has started a partnership with other major players like Kakao’s Klaytn Governance Council before.