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Digital Currency/Stablecoin/Tokenization Series: Publish And TokenPost Debuts Media Industry’s Stablecoin (NKRW)
Although the recent times’ volatility of the cryptocurrencies may have caused great cause of concern for some investors, we kept reiterating that the buzz world, ‘stablecoin & tokenization mechanism’ which is quite unique that hasn’t been the latest.
PUBLISH which is Blockchain-driven media solutions company and TokenPost Korea, a blockchain and crypto media outlet, have collaboratively unveiled the world’s first-ever stablecoin, namely, NKRW (NEWS KRW), exclusively for the media domain.
It is meant for the stability that makes it relatively attractive as it is designed to be less volatile as compared to decentralized major cryptocurrencies such as Bitcoin, Ether etc.
For now, this stablecoin, at its core, is a digital currency pegged with real-world fiat currency of the region (Korean won/KRW).
“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.”
One can access to TokenPost Korea Edition to obtain NKRW, that is pegged to the South Korean won (KRW) on a 1:1 ratio, that implies, for 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.
In the recent past, South Korea buzzes green-light to crypto-space. In March, the South Korean National Assembly passed new legislation that can be described as the most comprehensive national crypto asset legislation we have seen to date.
While South Korea was already one of the biggest trading hubs and global blockchain innovation centers, the new regulation is poised to path the way for more crypto companies setting up shop in the Asian nation while traditional financial companies now have the legal framework to also compete in this market.
Now, the South Korea-based PUBLISH appears to be well-positioned, the CEO, Sonny Kwon, states in the announcement, with NKRW the firm is optimistic to provide a comparatively reliable platform for token owners who intend to explore the cryptocurrency space while avoiding the extreme turbulence.