PUBLISH launches media industry’s first stablecoin
Fri, 15 May 2020, 00:38 am UTC
PUBLISH, in collaboration with TokenPost, is pleased to announce the launch of NKRW (NEWS KRW), the world’s first stablecoin geared toward the media industry.
As the name implies, stablecoins are cryptocurrencies designed to have little to no volatility relative to a more stable asset. Examples of well-known stablecoins include Tether (USDT), which is pegged to the US dollar, and Facebook’s much-touted Libra.
NKRW, currently available on TokenPost Korea Edition, is pegged to the South Korean won (KRW) on a 1-to-1 basis, meaning that 1 NKRW will always be worth the equivalent of 1 KRW in NEWS tokens.
Being pegged to the Korean won, NKRW is limited to PUBLISHsoft clients based in Korea. For PUBLISHsoft clients located outside of Korea or targeting audiences in other geographies, we expect to issue separate stablecoins pegged to fiat currencies used in those jurisdictions.
Prior to the introduction of NKRW, TokenPost users would receive NEWS tokens as rewards for completing actions such as reading articles and leaving high-quality comments. With the introduction of NKRW, however, users will now receive NKRW in place of NEWS tokens. Also starting immediately, users can exchange NKRW for NEWS tokens.
The service is available to any publisher with a subscription to PUBLISHsoft’s Enterprise plan.
“TokenPost has seen a five-fold increase in average monthly pageviews since it started using PUBLISHsoft and rewarding users in NEWS tokens,” PUBLISH CEO Sonny Kwon said, “reader engagement is also up”.
“With the introduction NKRW, we expect to create a relative safe harbor for token holders, fostering a more welcoming cryptocurrency environment, free of the extreme price volatility typically associated with cryptocurrencies.”
“In the future, we also expect NKRW to be used as payments for goods and services offered by partner companies, both online and offline.”
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