Binance Jersey List Their Own GBP-Backed Stablecoin

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by Teuta Franjkovic · 3 min read
Binance Jersey List Their Own GBP-Backed Stablecoin
Photo: / Twitter

Binance Jersey has listed a proprietary GBP-backed stablecoin that confirmed that the major industry player had its sights on imminently issuing its own fiat-pegged assets, starting with a cryptocurrency 100% backed by the British pound.

Binance’s Jersey branch decided to list cryptocurrency exchange’s own British pound-backed stablecoin. This isn’t surprising at all if we consider the fact that last month Binance CEO Changpeng Zhao announced they were in the testing phase and that only £200 worth of tokens have been issued.

Binance’s CFO Wei Zhou then said:

“$BGBP which we are currently testing and will launch in the future is an effort to diversify the stablecoin assets offered in the ecosystem. In line with Binance’s mission, we would like to provide users with more freedom of choice.”

Yesterday he gave an official statement, in which he says that:

“There has been an overwhelming demand in the market and Binance community for more stablecoin diversification, including a GBP-pegged stablecoin and listing BGBP is in response to it.”

He also added that use cases and the utility of stablecoins have increased as well as BNB, which has tripled since the beginning of the year and continuing to grow rapidly with the advancement of Binance Chain.

Company Wants to Issue Its Own Assets Of the Same Type

Binance launched its Jersey branch already in January in order to provide crypto-fiat trading services to European traders. Currently, the exchange lists nine digital currencies – Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Binance Coin – against two fiats – British pound and Euro.

Also, there are expectations that the company will launch more fiat-based stablecoins as well as issue its own assets of the same type. The company decided to, like other major platforms such as OKEx and Huobi, accept the proliferating issuance of fiat-backed stablecoins.

This week, blockchain security company Quantstamp announced the completion of an audit of Binance GBP (BGBP). It said that Binance upgraded to the latest version of the OpenZeppelin ERC20 libraries and corrected other low risk issues. Quantstamp wrote:

“The Quantstamp team is thorough and efficient when it comes to ensuring the security of ERC20 tokens, and we are appreciative of their audit of our first stablecoin, BGBP. As a dual issue token, BGBP is created on both Ethereum as an ERC20 token and on Binance Chain as a BEP2 token. We will eventually enable the two versions of BGBP to be converted freely and traded on Binance Jersey and Binance DEX.”

As we were already writing, this month, Binance reported successful completion of scheduled Binance Chain Mainnet ‘Galileo’ hardfork upgrade that took place at block height 20,300,000.

Litecoin Gets Added to Binance Singapore

Binance is also spreading its wings through Asia. 10 days ago, they announced the official launch of Binance Singapore in partnership with Vertex Ventures China and Vertex Ventures Southeast Asia and India following two months of operation.

During these months the user base grew by around 20 percent per week with a huge surge in daily trading volume. Yesterday, Binance Singapore has added Litecoin to its platform as well. With Litecoin, it has started in pair with Singapore Dollar.

This means that you cannot buy Litecoin through Bitcoin, or the other cryptocurrencies on the platform. However, from the company they said that more trading pairs are expected to be added soon.

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Teuta Franjkovic

Experienced creative professional focusing on financial and political analysis, editing daily newspapers and news sites, economical and political journalism, consulting, PR and Marketing. Teuta’s passion is to create new opportunities and bring people together.

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