SINGAPORE, Dec. 10, 2019 /PRNewswire/ -- Global cryptocurrency platform "Liquid.com" today announced that it is the first exchange to list Saga token (SGA) for secondary trading.
SGA is the first global, stabilised, digital currency controlled by its holders and will allow global citizens to store and move value without friction across borders. It complements existing national currencies and offers a store of value outside the remit of national government and banking structures.
In order for SGA to serve as a global currency, it is fully backed by a strong basket of national currencies that replicate the International Monetary Fund's SDR. Based on the SGA's market movements, measured by the number of tokens issued, the Saga monetary model will gradually diminish reliance on the reserve as users' confidence in SGA grows. Together, these measures are designed and implemented to reduce price volatility while allowing SGA to grow beyond a simple fiat-backed / pegged stablecoin.
SGA holders will also be the masters of the currency and, as a result, they will govern the Saga economy through a variety of voting mechanisms, designed to facilitate genuine representation of participants - balancing between identity and stake - and to generate long-term success for the currency. Holders will have to undergo an online Know Your Customer (KYC) process that ensures compliance within Anti-Money Laundering (AML) standards while maintaining their privacy.
The Saga token will initially be traded against the USD, Bitcoin and Ethereum, while more trading pairs are expected in the future.
"After in-depth conversations with our advisors and months of carrying out our own market research, we decided that Liquid is the ideal exchange partner for Saga. Liquid is one of the largest and most reputable cryptocurrency exchanges, offering customers a secure way to trade and hold SGA," said Saga Founder Ido Sadeh Man. "Listing SGA on Liquid is an important milestone in bringing the Saga token to market."
"We are delighted to offer Liquid customers the opportunity to buy and trade SGA. We believe SGA offers our traders an interesting opportunity as we see great value in Saga's approach of replicating the mechanics of central bank national currencies and applying them on a global scale," said Liquid's CEO and co-founder, Mike Kayamori. "At Liquid, our core values are transparency and compliance, and as these are two key properties of SGA, a partnership between Liquid and Saga was a natural match."
Saga Monetary Solutions (www.saga.org) is a UK company limited by guarantee, based on non-for-profit principals. The Saga token (SGA) is a global digital currency that aims to complement existing national currencies and seeks to work in collaboration with banks, financial institutions, and regulators.
Saga announced its project n in 2018, receiving $30 million in seed funding from accredited partners including Lightspeed Venture Partners, Mangrove Capital Partners, Vertex, lool, Disruptive and iAngel. Among its Advisory Board members are top financial experts, technologists, and economists from all around the world, including Jacob A. Frenkel, Chairman of JPMorgan Chase International, and Prof. Myron Scholes, Nobel Laureate in Economic Sciences.
Among its Advisory Board members are top financial experts, technologists, and economists from all around the world, including Jacob A. Frenkel, PhD, Chairman of JPMorgan Chase International; Prof. Myron Scholes, Nobel Laureate in Economic Sciences, Co-originator of the Black-Scholes options pricing model; Leo Melamed Founder of financial futures and former Chairman of the Chicago Mercantile Exchange (CME); Prof. Emin Gün Sirer, blockchain and cryptocurrency researcher from Cornell University; and Prof. Dan Galai, the co-developer of the Chicago Board Options Exchange's Volatility Index (VIX).
Founded in 2014, Liquid is a leading global fintech company that operates Liquid.com ("Liquid"), a global cryptocurrency platform that provides trading, exchange, and next generation financial services powered by blockchain technology. With offices in Japan, Singapore, Vietnam, and in the future, the USA, Liquid combines a strong network of local partners with extensive team experience in banking and financial products to deliver best in class financial services for its customers.
Today, Liquid is the world's largest crypto-fiat platform by transaction volume, regulated in Japan. Powered by the World Book, which provides customers enhanced price matching and deeper liquidity for various fiat and cryptocurrency pairs, Liquid offers trading services for major cryptocurrencies such as bitcoin and ethereum against fiat currency pairs in Japanese yen, US, Singapore and Australian dollars, and euro. More information is available at Liquid.com.