Copy link
Increase text size
Decrease text size
Link copied

Crypto exchange Binance to introduce own GBP-pegged stablecoin within a few weeks

“Bitcoin” by Hektor Ehring Jeppesen is licensed under CC BY 2.0

Thu, 06 Jun 2019, 06:11 am UTC

Leading cryptocurrency exchange Binance will reportedly issue its own stablecoin “in a matter of weeks to a month or two,” Bloomberg reported quoting the company’s Chief Financial Officer Wei Zhou.

Dubbed as “Binance GBP,” the stablecoin will purportedly be denominated in and 100% pegged to the British pound. Zhou also said that Binance will make money off of interest on fiat deposits, similar to Tether.

Other than the Binance GBP, which is the exchange’s first low-volatility coin, the company is also planning to introduce other stablecoins, except USD.

From the users’ perspective, only certain portions of the world use dollar,” Zhou told the outlet. “Other users use other currencies, and we feel it should be reflected in stablecoins as well.

Currently, tether remains to be the undisputed market king, even accounting for more than 50% of stablecoin volume in Binance. But Zhou said Binance’s native stablecoins can reduce Tether’s market share on the exchange.

Zhou also said the Binance GBP will be 100% backed and will provide more transparency to assure traders.

In addition, Zhou revealed that Binance will also tap potential partners to issue their own stablecoins on the Binance Chain Ledger. Venture capital startup Stably recently became the first company to issue its own USD-pegged stablecoin called StableUSD on the Binance Chain.

Rumors about Binance’s new stablecoin have been going around the Internet earlier this week. CEO Changpeng Zhao (also known as CZ) was quick to confirm the ongoing development and revealed £200 have been minted by far.

The expansion follows after the binance.org website, which is used to access the Binance DEX trading platform, announced that it block users based in 29 countries, including the USA, starting July 1 (UTC 00:00). In a tweet, CZ clarified that it is the Binance.org website that is geoblocking the users and not the blockchain itself.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,068.81 (-0.75%)
  • Ethereum (ETH) $225.30 (-1.78%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $220.72 (-0.77%)
  • Bitcoin SV (BSV) $155.08 (-0.51%)
  • Bitcoin (BTC) $9,068.81 (-0.75%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft