A new token is set to be launched on the ethereum blockchain this January, one that will be backed one-for-one by the world's largest cryptocurrency.
The companies behind the initiative include decentralized exchange startups Kyber Network and Republic Protocol, as well as cryptocurrency custody company BitGo. What's more, a number of ethereum-based projects are also reporting that they will support adoption of the token once released.
These include decentralized cryptocurrency exchanges and finance-focused blockchain projects participating as "launch members," such as MakerDAO, Dharma, Airswap, Gnosis, IDEX, Radar Relay, Compound, DDEX, Hydro Protocol, Set Protocol and Prycto.