Hong Kong Gets its First HKD Backed Stablecoin

Hong Kong Gets its First HKD Backed Stablecoin

by January 29, 2019
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Bitspark, a cryptocurrency money transfer platform, has launched Sparkdex.HKD. The company claims that is the world’s first market-ready cryptocurrency pegged to the Hong Kong Dollar (HKD).

George Harrap

George Harrap

“Until now, US Dollar stablecoins have dominated the market but there are other national currencies in the world, like 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,”

said George Harrap, Co-Founder and CEO of Bitspark.

Stablecoins are cryptocurrencies that are backed by and pegged to the price of existing real-world assets. Sparkdex.HKD is tied to Bitspark’s reserves of physical cash in HKD. This will be regularly audited by a local audit firm in a quarterly report for the public.

Sparkdex.HKD began listing on Sparkdex, Bitspark’s decentralised exchange (DEX), and Bitshares connected DEX, on 31 October, 2018 and their market capitalisation after one month of trading reached approximately $500,000 HKD.

The stablecoin is marketplace agnostic and can be integrated into other exchanges as well.

Most recently a SGD backed stablecoin was also launched in Singapore

 

Featured image credit: Unsplash

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