• Days
  • Hours
  • Mins
  • Secs
  • Wed, 18 Sep 2019, 07:21 AM
  • All times are UTC
  • Edition:
    International
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) $10,254.50 (+0.02%)
  • Ethereum (ETH) $214.64 (+7.94%)
  • XRP (XRP) $0.307100 (+16.57%)
  • Bitcoin Cash (BCH) $326.39 (+5.70%)
  • Litecoin (LTC) $76.02 (+4.05%)
  • Bitcoin (BTC) $10,254.50 (+0.02%)
Sep 18, 2019 (Wednesday)
04:56
Crypto exchange Binance.US to not launch in 13 U.S. states
04:29
VanEck, SolidX pull out bitcoin ETF proposal from SEC
04:19
Crypto Technicals: XRP/USD cools slightly from 6-week highs at 0.3129, finds stiff resistance at 21W EMA (0.3186)
04:19
AssetBlock launches new property trading platform tokenizing $60M of real estate on Algorand's blockchain
03:42
'Big Four' auditing firm Deloitte lets employees pay canteen food in bitcoin in a trial run
03:37
Former CFTC chairman 'crypto dad' J. Christopher Giancarlo joins Chamber of Digital Commerce's advisory board
03:32
Coinbase Vice President Dorothy DeWitt to lead CFTC market oversight
03:29
Japan's LINE launches crypto exchange platform Bitmax
03:19
Crypto Technicals: ETH/USD breaks above 200-DMA, hits 5-week high at 215.00
Sep 17, 2019 (Tuesday)
14:34
Wells Fargo to pilot internal blockchain-based digital currency for payments
12:57
Marsh, Arch Insurance (UK) Limited launch insurance solution for digital assets ‘Blue Vault’
12:18
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:17
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:45
Crypto exchange Binance backs Chinese crypto news portal Mars Finance
10:55
Crypto Technicals: XMR/USD rejected at 200-DMA, scope for resumption of weakness
10:18
Hedera Hashgraph blockchain goes live with 26 dapps
08:38
Crypto Technicals: Ethereum pauses shy of $200 mark, set to extend bullish momentum
07:38
Harbor tokenizes iCap Equity’s $100M real estate funds using ethereum blockchain
06:48
Crypto Technicals: BCH/USD fails to extends weakness below 200-DMA, retrace above will see upside resumption
06:02
Women in Leadership: Publicis Sapient hires Merril Lynch veteran Priya Bajoria as SVP Financial Services
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft