South Korean custodian Bidex has expanded the Korean won stablecoin KRW1 to the Polygon blockchain.

BlockBeats News, December 4th, according to News1, South Korean digital asset custody company Bidex announced the expansion and distribution of the Korean won stablecoin 'KRW1' based on the Polygon blockchain. Bidex had previously announced plans to issue KRW1 on Circle's blockchain platform Ark.

In this issuance, Bidex plans to build on Ark by adding KRW1 based on the Polygon blockchain, as Polygon offers high transaction throughput and low fees. KRW1 is a Korean won-collateralized stablecoin, with the collateral funds sourced from Korean domestic bank accounts holding Korean won deposits.