Bitspark Money Transfer Platform Launches New Sparkdex.HKD Stablecoin Pegged to Hong Kong’s Currency
Bitspark is a money-transfer platform that functions within Hong Kong’s borders. Keeping up with their goals of using stablecoins primarily for value transfers, they have launched a new stablecoin that is directly connected to the Hong Kong Dollar (HKD).
Based on the current information available, this is the first time a stablecoin has been pegged to the HKD, and one of the first Asian-pegged coins, overall. CEO George Harrap, who spoke with the Fintech Hong Kong financial news outlet, said,
“Until now, US Dollar stablecoins have dominated the market but there are other national currencies in the world, like the Hong Kong Dollar.” He added that Bitspark “anticipate[s] that this will lead the way for much-needed diversity among other currencies within the stablecoin sector.”
As last year ended with a bear market and a crypto winter, the stablecoin sector of the industry has begun to flourish over the last six months.
Cryptocurrency exchanges are, in turn, working to make it possible to support the coins, perhaps in an effort to stay relevant, while serving their customers better. Until now, the majority of stablecoins have specifically been pegged to USD.
New exchanges are showing up each month with the launch of new stablecoins, providing assurance for the value of tokens as they are withdrawn. Huobi, a top 5 exchange, recently announced their plan to launch a stablecoin as well within 2019. However, they have refrained from releasing the currency that it will be pegged to. There have also been stablecoins in the works by institutional exchanges that have joined the cryptocurrency world, like Goldman Sach’s Circle.
Spark is excited to announce the launch of Sparkdex – Hong Kong's first decentralised cryptocurrency exchange! Now open for trade at https://t.co/9LGGdTItKp#bitshares #bitcoin #crypto #trading #decentralise #news https://t.co/sEV1KMYqYV
— Bitspark (@BitsparkLtd) August 29, 2018
Tether, which was the first stablecoin to get a lot of attention in the crypto industry, managed to become the fourth-largest cryptocurrency, based on market cap. Their performance has moved them above the EOS token, but the influx of new stablecoins may challenge its position. Reports indicated that new players are offering a transparent approach, as opposed to the way that Tether runs their business.
In fact, Circle has already hired an accounting firm for their platform to offer a third-party monthly audit report for investors. Maxine Ryan, the co-founder and COO of Bitspark, spoke on the ongoing intentions of the brand. She said,
“Bitspark was founded in Hong Kong, a front runner for innovation in finance. We see the launch of Sparkdex. HKD as a clear opportunity for Bitspark to bring the benefits of this technology to Asia. We’re planning to also launch a further 179+ stablecoins to service the company’s money transfer markets starting initially with emerging and frontier markets.”