London-based blockchain firm Saga announced the launch of its Saga token (SGA). The digital unit represents a global currency that complies with regulators’ requirements.

Saga Advised by Nobel Prize Winner, Former Bank of Israel Governor

The currency is backed by a basket of fiat currency to avoid high volatility. Thus, it acts like a stablecoin and resembles Libra – Facebook’s digital currency that is still under development.

Interestingly, the advisory board includes top economists like Myron Scholes, a Nobel Prize-winner, Jacob Frenkel, former Governor of the Bank of Israel and current chairman of JPMorgan Chase International, as well as Dan Galai, a pioneer of the VIX volatility index.

The company was founded and is led by Ido Sadeh Man. He explained in an interview with CNBC:

Unlike other players, we don’t want to be the issuer and the payments layer and the custodian. We’re focusing on the monetary part of it, on the issuance of a sound currency for global use, and we will increasingly liaise with partnerships in the…

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