Market Update 1.31.19 – First Won-Backed Stablecoin Launched
Market News
First Won-Backed Stablecoin Launched
The fintech firm based out of South Korea, BxB Inc. issued a press release that it had launched the first stablecoin reportedly backed by the state currency, the Korean Won. According to a blog post released on Medium by the co-founder of BxB Alex Friedberg, the stablecoin’s soft launch took place on the decentralized exchange platform Airswap.
The tokens were then released on Korean and global exchange. The coin, called the KRWb, is reportedly backed on a 1:1 ratio by the Won and will be available across the globe to users that have a service compatible with ERC-20. Currently the company is in talks with exchanges across the globe and South Korea.
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NEM Foundation Trying to Stave off Bankruptcy
The community-backed non-profit NEM Foundation that was created to promote the NEM Blockchain, is planning severe budget as well as staff cuts before a massive restructuring. Alex Tinsman, the recently elected president of the Singaporean NEM Foundation, stated that they are planning to request the NEM community to fund 160 million tokens, which amounts to about $7.5 million. This money would be used to help the organization stave off bankruptcy.
The NEM tokens have a circulating supply of 9 billion and are listed as XEM on the exchanges. Tinsman stated they had realized that they had just a month to operate because of the previous governance council’s mismanagement.
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Alipay & WeChat Pay Ask Huobi to Remove Them from OTC Desk
According to local media reports, Alibaba’s Alipay and Tencent’s WeChat Pay have asked Huobi to take them off from the cryptocurrency exchange’s Over the Counter (OTC) trading desk. Reportedly, both the payment services providers have sent legal letters to the crypto exchange, stating that Houbi has been using their logos as well as services without authorization on its OTC trading desk.
Reportedly, neither of the Chinese payment providers have given the crypto exchange the authority to use their trademarks or even their services. Despite that the exchange has been allowing its customers to use their payment systems so that it can make trading easier.
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Total Market Cap: Jan 31
At $114.71 billion, the cryptocurrency market’s capitalization is slowly inching up once again, up by almost $1 billion in the last 24 hours. Trading volumes are also going up, currently at $18.06.
Bitcoin Price Analysis: Jan 31
Bitcoin’s price is $3472.26, which is a 0.37% gain in the last 24 hours. The digital asset’s valuation in the cryptocurrency market is now $60.80 billion and trade volumes are at $5.84 billion.
Ethereum Price Analysis: Jan 31
Ethereum’s price is now up by 2.35%, at $108.42. The altcoin’s value in the market is now $11.34 billion and trade volumes are at $2.85 billion.
State of the Top 10 Cryptocurrencies: Jan 31
Tron and Tether have declined in the last 24 hours, with the former’s price dropping by 1.16% and the latter by 0.06%. The highest gains have been seen by Ripple, which is up by 8.81%. The next highest gains have been by Bitcoin Cash, up 4.16%, and Stellar, up by 2.70%.
- Bitcoin’s price is $3472.26, rising 0.37%. Currently, the virtual currency is valued at $60.80 billion.
- Ripple’s price is $0.315760, rising 8.81%. Currently, the virtual currency is valued at $12.99 billion.
- Ethereum’s price is $108.42, rising 2.35%. Currently, the virtual currency is valued at $11.34 billion.
- EOS’s price is $2.32, rising 1.90%. Currently, the virtual currency is valued at $2.10 billion.
- Bitcoin Cash’s price is $115.98, rising 4.16%. Currently, the virtual currency is valued at $2.04 billion.
- Tether’s price is $1.01, sliding 0.06%. Currently, the virtual currency is valued at $2.03 billion.
- Litecoin’s price is $31.58, rising 1.39%. Currently, the virtual currency is valued at $1.90 billion.
- TRON’s price is $0.027318, sliding 1.16%. Currently, the virtual currency is valued at $1.82 billion.
- Stellar’s price is $0.085996, rising 2.70%. Currently, the virtual currency is valued at $1.64 billion.
- Bitcoin SV’s price is $65.26, rising 1.70%. Currently, the virtual currency is valued at $1.48 billion.