South Korea’s Newest Cryptocurrency Exchange is Almost Ready for Global Launch
WIIX, which stands for Worldwide Integrated Interlinked eXchange, is South Korea’s latest cryptocurrency exchange and it’s opening its digital doors very soon.
It has been in a closed beta test for the majority of April, but come May 1, the rest of the world will be able to try out the new exchange. WIIX wants to increase accessibility to digital assets and decrease the volatility of associated digital money, and it’s doing it via a three-pronged coordinated solution:
A cryptocurrency payment app
A prepaid crypto-only debit card
A point-of-sale system
Integrated with the exchange is their own native token, WIIX Coin (WIIX), which was made available in February of this year through an ICO with a total supply of 2.1 billion.
Alongside WIIX Coin will be WIIX Pay. WIIX Pay is much like Tether (USDT) in that it is tied to the the value of the fiat currency distributed by the country in which the registered user resides. It is understood that a variety of fiat currencies will be supported, including the US dollar, the Korean won, the Euro and the Japanese Yen. But unlike Tether, WIIX Pay can be used to settle retail transactions using their preloaded debit card.
Most interestingly, the prepaid WIIX Card can make payments at any store that accepts MasterCard or Visa. This feature, combined with WIIX’s proprietary point-of-sale terminals designed with retailers and merchants in mind, could rapidly increase adoption of small and large scale businesses still wary of cryptocurrencies and their associated volatility. Remember, all transactions using the WIIX Pay debit card must use WIIX Pay tokens, which is tethered to fiat value.
WIIX Coins must also be used to purchase WIIX Pay tokens, while holders of WIIX Coins will receive revenue from transactions on the platform.
Initially supported cryptocurrencies for trading will be Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Dash (DASH), Litecoin (LTC), Monero (XMR), Ethereum Classic (ETC), ZCash (ZEC), Iota (IOTA), Bitcoin Gold (BTG) and WIIX Coin (WIIX).
The bases for all trading pairs will be Bitcoin, Ethereum or WIIX Coin, much like the Binance system which most are familiar with.
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