HWGG Capital P.L.C, one of the leading blockchain payment solutions providers in the region, has officially announced the release of HWG Cash, a fiat-pegged cash token. Approved and supervised under the Labuan Financial Services Authority, HWG Cash is the first licensed cash token in Asia, the only stable and secure token among cryptocurrencies.
Each HWG Cash token issued in circulation is pegged to the equivalent amount of US dollar currency to safeguard its stability. This eliminates 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. It is the perfect complement to HWG Cash, offering a seamless user experience for consumers to make online digital asset transactions in a secure and compliant manner.
“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-generation digital asset that is not only intuitive and easy to use but also regulated and supervised under a recognised authority,” said Gavin Lim, Chief Executive Officer of HWGG Capital P.L.C.
Converting fiat currency to HWG Cash Tokens is a simple and straightforward process. Users first need to deposit their fiat currency to a designated HWGG Capital P.L.C’s 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 easily redeem the HWG Cash Tokens to fiat currency from the company through their platforms, in which the latter will be credited to withdrawers’ bank accounts.
The designated HWGG Capital P.L.C’s account is audited every quarter and reported to the authority for monitory purposes – greatly ensuring both user and merchant assets are protected. HWGG Capital P.L.C strives to offer fiat to digital and digital to fiat exchange in a safe, stable, and fast manner through reducing the barriers and obstacles typically associated with other cash tokens. Other incredible benefits of HWG Cash include no withdrawal fees for users and instant liquidation of digital assets to cash.
“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,” stated Yoshikazu Nishimura, Chief Technical Officer of HWGG Capital P.L.C
Reaffirming the safety of HWG Cash tokens, Nishimura said HWG Cash tokens used everiToken public chain technology as its core due to its security, speed, and ease of use. As such, consumers and merchants would be able to make digital asset transactions without any fear of price fluctuations, security risk, excess fees or third-party interference.
HWGG Capital P.L.C is officially licensed under the Labuan Financial Services Authority as a payment operator, credit token business and money broker for digital assets. The company is committed towards driving the usage of HWG Cash to the mass market in the region by offering users next generation payment solutions at their convenience, while adhering to the highest security and compliance standards. Merchants and consumers are highly encouraged to reach out to HWGG Capital P.L.C to learn more about implementing HWG Cash as their digital payment solution.