By Staff Reporter
Hong Kong – Bitspark, HK-based cryptocurrency money transfer platform, has launched Sparkdex.HKD, the world’s first cryptocurrency pegged to the Hong Kong Dollar.
Stablecoins are cryptocurrencies that are backed by and pegged to the price of existing real-world assets such as Tether, a similar coin pegged to the US dollar. 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, according to a statement.
“Until now, US Dollar stablecoins have dominated the market but there are other national currencies in the world, like the Hong Kong Dollar,” said George Harrap, co-founder and chief executive of Bitspark. “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.”
Sparkdex.HKD began listing on Sparkdex, Bitspark’s decentralised exchange (DEX), and Bitshares connected DEX, on 31 October, 2018 and their market capitalization after one month of trading reached approximately HKD500,000.
The stablecoin is marketplace agnostic and can be integrated into other exchanges as well, the statement said.
The company is planning to also launch a further 179+ stablecoins to service the company’s money transfer markets starting initially with emerging and frontier markets, said Maxine Ryan, co-founder and chief executive of Bitspark.