NEW YORK, June 21, 2019 /PRNewswire/ -- Leading blockchain organization EXR Foundation Ltd. today announced their global plans to launch a new stable digital asset EXR in the coming months, as an alternative to Libra.
Described as trusted and regulatory-compliant, EXR is a stable-priced virtual asset that sets out to bridge the divide between blockchain and financial industries and act as a trusted and stable-priced hedge against looming international trade conflict.
EXR is poised to be a welcome addition to the growing new asset class - digital assets that are equivalent in value to real-world assets. Announced shortly after the release of Facebook's Libra coin whitepaper, EXR will differentiate itself from Libra by pegging its value to a weighted basket of leading fiat currencies. Currencies are tentatively expected to form part of the EXR basket but will be confirmed at a later stage once compliance requirements are finalized and fulfilled.
EXR is designed to act as a store of value, simplify transactions across organizations of diverse industries and act as a hedge against the fallout of a potential trade war between countries. Furthermore, EXR will be managed by professionals and independently monitored by a respected audit firm in order to comply with the relevant regulatory requirements.
EXR will maintain the basket currencies on an audit-ready and transparent platform, to ensure that the EXR amount in circulation does not exceed the value of assets held in the reserve accounts. The assets will be redeemable against the underlying fiat currencies based on the index-weighted ratios. New EXR assets will be minted upon issuance and burned after they have been redeemed for the equivalent underlying fiat currencies.
EXR Founder - "EXR to foster stability"
Mr. Norihiko Ishihara, the founder of EXR Foundation Ltd., shared his sentiments in the following statement:
"With the formation of EXR Foundation, we are bringing together highly-skilled members from dynamic and converging industries such as blockchain, telecoms, e-commerce, payments, social media and more. I strongly believe that EXR will lay a vital foundation to help facilitate seamless payment operations across these diverse industries and foster increased stability against any adverse socio-political issues."
About EXR Foundation
EXR Foundation is a global Fintech group, committed to leading the development of a better financial system through the application of the latest blockchain technology and sophisticated digital asset ecosystems. By leveraging its unique insights, network and access to capital, EXR Foundation actively builds, supports and invests in promising companies.
SOURCE EXR Foundation Limited