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Binance Jersey announces listing of GBP-backed stablecoin ‘BGBP’

BGBP/GBP Trading Pair On Binance Jersey Screenshot (TokenPost)

Fri, 19 Jul 2019, 11:11 am UTC

Binance Jersey, the European subsidiary of cryptocurrency exchange Binance launched earlier this year, has listed a proprietary GBP-backed stablecoin, according to a press release published on Coinspeaker.

The listing follows media reports last month that said that Binance was gearing up to launch its own GBP-pegged stablecoin. In fact, Binance CEO Changpeng Zhao had also confirmed the news and revealed the minting of £200 at the time.

In an official statement, Binance Chief Financial Officer Wei Zhou said:

“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. 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.”

Blockchain security company Quantstamp on Thursday announced the completion of audit of Binance’s GBP-backed stablecoin, Binance GBP (BGBP). It said that based on the audit results, Binance “upgraded to the latest version of the OpenZeppelin ERC20 libraries and corrected other low risk issues.”

Commenting on the audit, Zhao said:

“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.”

At the time of writing, BGBP/GBP pair has been added to Binance Jersey’s exchange platform.

Meanwhile, Binance launched its margin trading platform earlier this month, which will provide users with potential amplified gains by allowing them to leverage their digital assets as collateral to borrow funds from the Binance exchange and create leveraged trading by a margin.

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