Copy link
Increase text size
Decrease text size
Link copied

Crypto startup Bitspark launches Hong Kong Dollar-backed stablecoin

Wed, 30 Jan 2019, 09:18 am UTC

Cryptocurrency money transfer platform Bitspark has launched a new stablecoin pegged to the Hong Kong Dollar (HKD), Fintech Hong Kong reported.

Called “Sparkdex.HKD,” the stablecoin is the world’s first market-ready HKD-backed cryptocurrency, the company has claimed.


Sparkdex.HKD joins a growing number of stablecoins including Tether (USDT), the USD Coin (USDC) created by Circle and Coinbase, the Gemini Dollar (GUSD) and TrueUSD (TUSD).

George Harrap, Co-Founder and CEO of Bitspark, noted that US Dollar stablecoins have been dominating the market and added that there are other national currencies, such as the Hong Kong Dollar.

“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,” Harrap said.

Sparkdex.HKD is tied to the company’s HKD reserves and will be regularly audited by a local audit firm. The details of the audit will be published in quarterly reports.

Founded in 2014, Bitspark is a provider of bankless money transfer services and enables customers to cash in and cash out cryptocurrencies across Asia and Africa. Last August, it launched a decentralized cryptocurrency exchange, Sparkdex.

According to Fintech Hong Kong, the new stablecoin was listed on Sparkdex and Bitshares connected DEX on 31 October 2018 and reached a market capitalization of around $500,000 HKD after one month of trading.

“Stablecoins will be a necessary tool in order to reduce friction when sending money between counterparties as it’s often quicker, cheaper, and far more convenient,” Harrap wrote. “In the long term, with more stablecoins from various other currencies being made available, we will start to make exchanges become more liquid, enabling greater efficiency in the crypto ecosystem.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,277.62 (+0.55%)
  • Ethereum (ETH) $144.69 (-0.18%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $212.04 (+1.91%)
  • Litecoin (LTC) $44.43 (+0.89%)
  • Bitcoin (BTC) $7,277.62 (+0.55%)
Dec 14, 2019 (Saturday)
05:44
Darknet marketplace Hydra launching an ICO on Dec.16 to fund its global expansion
Dec 13, 2019 (Friday)
12:50
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:49
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:25
Crypto Technicals: BCH/USD edges above 5-DMA, near-term upside likely on break above 20-DMA (211.74)
11:24
Terra launches stablecoin-powered payments service in Mongolia
10:37
Crypto Technicals: Ripple (XRP) edges higher from session lows at 0.2154, 'Hammer' at lows raises scope for minor gains
10:22
Korean cybersecurity firm partners with R3 for digital asset management and MPC technology
08:55
SEC charges Shopin’ founder with orchestrating ICO fraud; Accused deactivates social media, Telegram account
08:55
Crypto exchange Kraken looking for operations director to helm ‘special-purpose depository institution’
07:49
Twitter looks to blockchain to decentralize social media
07:03
Crypto Technicals: LTC/USD flashes signs of recovery, 'Dragonfly Doji' and 'Bullish Divergence' could support minor upside
06:22
ING bank developing custody project for digital assets: Report
06:18
Basel Committee on Banking Supervision mulls designing global prudential standard for crypto-assets
05:28
Franklin Templeton leads blockchain-based social impact platform’s funding round
04:58
Crypto Technicals: BTC/USD breaks above 50H MA, 'Bullish Divergence' could support further gains
04:44
TokenSoft submits transfer agent filing to the SEC; Decision to arrive in 30 days
04:33
Crypto Technicals: ETH/USD recovery lacks traction, upside capped at 5-DMA
04:33
Glencore joins Responsible Sourcing Blockchain Network for tracing cobalt
03:24
Grant Thornton releases second report on Cryptopia liquidation; Pulls back nearly $5M from various sources
03:23
Chainalysis launches compliance solution for Bitfinex amidst class-action lawsuit
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft