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Cryptocurrency exchange Binance trials British Pound stablecoin

Tue, 04 Jun 2019, 11:49 am UTC

Cryptocurrency exchange Binance has confirmed that it is trialing a stablecoin pegged to the British pound.

In a tweet dated June 03, a Twitter user “CryptosBatman” shared an image showing BGBP (Binance GBP stablecoin):

Replying to the above tweet, Binance CEO Changpeng Zhao confirmed the ongoing development and said £200 have been minted so far.

Binance launched Binance Chain, its native blockchain platform, in April this year. Soon after, it launched its decentralized exchange Binance DEX on Binance Chain and also migrated its BNB tokens from Ethereum to its proprietary blockchain platform.

The exchange suffered a major hack last month in which it lost 7000 BTC (approximately $40 million). The company said at the time that it will use the Secure Asset Fund for Users (SAFU fund) for fully covering the losses.

More recently, Zhao sought damages from venture capital firm Sequoia Capital China alleging that the latter hurt his reputation and unjustly prevented him from raising capital during its now-dismissed legal suit against him.

OKLink, a subsidiary of cryptocurrency exchange OKEx, is also preparing to launch a new stablecoin, USDK, pegged to the US dollar in collaboration with Prime Trust, a US-licensed trust company.

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