Digital payment solutions has been the hype over the past few years, with the emergence of e-wallets and blockchain technology. Now, a newcomer has emerged in the space in the form of HwgPay Blockchain Ecosystem.

Blockchain? Bitcoin is it?

When it comes to blockchain and cryptocurrencies, many tend to think of the big names such as Bitcoin, Ethereum, and a few others. However, those are rarely used for spending due to their volatility and speculative nature (to some). Here comes the role of a stable token, which is designed to minimise volatility by being pegged to an asset or basket of assets. HWG Cash is defined as such, and according to HWGG Capital, it is backed by the US Dollar.

The HwgPay Blockchain ecosystem consists of two components: HWG Cash and HwgPay. As previously mentioned, HWG Cash is a stable token which will be used to facilitate transactions by acting as a medium of exchange. It is also happens to be the first regulated cash token in Asia. Meanwhile, HwgPay is a digital asset wallet that can be used to store, send, receive, and make payments using digital assets. Some of the compatible cryptocurrencies include Bitcoin, Ethereum, and HWG Cash. The technology powering HWG Cash is sourced from everiToken public blockchain. This should mitigate security risks, excess fees, and third-party interference.

Regulation & Availability

The HwgPay Blockchain Ecosystem is regulated by the Labuan Financial Services Authority. Through this, Labuan FSA provides the firm with a Money Broking for Digital Assets license, allowing it to provide Over-The-Counter platform to facilitate trading of fiat currencies and digital assets. At the moment,  HWG Pay can be downloaded from the Google Play Store. However, it cannot be used at any merchants for now.  Also, there is a roadmap which can be followed at www.hwgcash.com and the company is set to introduce prepaid cards.