KUALA LUMPUR, March 14 (Bernama) -- Labuan-based HWGG Capital PLC, a member of Ho Wah Genting Group, has unveiled HWG Cash, its first fiat-pegged cash token, which can be used to make fast, safe and secure transactions on blockchain.
In a statement today, it said HWG Cash, which has been approved and supervised under the Labuan Financial Services Authority, was the first licensed cash token in Asia and was said to be the only stable and secure token among cryptocurrencies.
The company, which is one of the leading blockchain payment solutions providers in the region, said each HWC Cash token issued in circulation was pegged to the US dollar to safeguard its stability, thus eliminating any risk of volatile price fluctuations seen in several other digital tokens in the market.
HWG Cash can be used by consumers and businesses via the company´s new payment app HwgPay, now available for download from the Google Play Store and Apple App Store for Android and iOS devices, respectively.
Leveraging on blockchain technology, HwgPay is a digital asset wallet that can be used to store, send, receive and make payment using digital assets and cash tokens such as Bitcoin, Ethereum and HWG Cash.
HwgPay, which complements HWG Cash, offers a seamless user experience for consumers to make online digital asset transactions in a secure and compliant manner.
HWGG Capital chief executive officer Gavin Lim said: "Digital assets have been rapidly gaining traction and many countries are recognising its potential and value as the future of online payment solutions.
"HWG Cash represents an exciting opportunity for the mass market to experience Asia´s first and only fiat-pegged cash token. We are committed to deliver the next-gen digital asset that is not only intuitive and easy to use but also regulated and supervised under a recognised authority. "
Approved and licensed under the Labuan Financial Services Authority (LFSA), HWG Cash is Asias first licensed cash token, which can be used by consumers and businesses via HWGGs new payment app HwgPay. Now available for download from Google Play Store and Apple App Store for Android and iOS devices respectively.
HWGG Capital said converting fiat currency to HWG Cash Tokens was a simple and straightforward process.
Users first need to deposit their fiat currency to a designated HWGG Capital PLC account to be converted to HWG Cash Tokens. This allows them to utilise the tokens to make digital asset payments and transactions via the HwgPay app.
Similarly, whenever the user wants to make a withdrawal, they can redeem the HWG Cash Tokens to fiat currency from the company through their platforms. The latter will be credited to the withdrawers´ bank accounts.
The designated HWGG Capital PLC's account is audited every quarter and reported to the authority for monitory purposes, thus ensuring both user and merchant assets are protected.
Other benefits of HWG Cash include no withdrawal fees for users and instant liquidation of digital assets to cash.
HWGG Capital chief technical officer Yoshikazu Nishimura said: "Digital tokens have been around for quite some time but it is currently underutilised in the market due to the lack of understanding, trust and belief among consumers, volatile fluctuation in pricing, and other concerns related to blockchain technology.
"HWG Cash tokens use everiToken public chain technology as its core due to its security, speed, and ease of use. Consumers and merchants are able to make digital asset transactions without any fear of price fluctuations, security risk, excess fees or third-party interference. "
For more information about HWGG Capital PLC and HWG Cash, please visit www.hwggcapital.com / www.hwgcash.com