Bitspark to Issue Hong Kong Dollad Based Stablecoin

Sparkdex.HKD is backed up by Bitspark reserves in fiat HKD and will be audited regularly
30 January 2019   565

The payment startup Bitspark has released a steablecoin Sparkdex.HKD tied to a Hong Kong dollar. This is reported by the Fintech Hong Kong.

According to the company, this is the first “stable coin” in the world based on the Hong Kong dollar (HKD).

Until now, US Dollar stablecoins have dominated the market but there are other national currencies in the world, like 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.

George Harrap

Co-Founder and CEO, Bitspark

Sparkdex.HKD is backed up by Bitspark reserves in fiat HKD. The coin will be audited regularly with results published quarterly.

The new stablecoin is already on the listing of decentralized exchanges Sparkdex (a division of Bitspark) and BitShares.

Hacked Zaif Exchange to Resume Operations

It was hacked in September last year,  about $60 million in cryptocurrency was stolen from its platform
22 April 2019   83

Japanese cryptocurrency exchange Zaif announced that it will complete the transition from the Tech Bureau to the Fisco Digital Asset Group (FDAG) on April 22 and resume normal operation the next day, Cointelegraph reportes.

In September last year, the exchange underwent a hacker attack when about $ 60 million in cryptocurrency was stolen from its platform, including Bitcoins, Bitcoin Cash and Monacoin. As part of the compensation plan to users, FDAG exchange acquired a large stake in Zaif business and transferred to the Tech Bureau over $ 44.6 million.

According to an earlier announcement of the exchange, 40% of the lost funds will be compensated to users by Fiat, and the remaining 60% - to the cryptocurrency, which will be available for withdrawal on April 23.