• Fri, 06 Dec 2019, 03:24 AM
  • All times are UTC
  • Edition:
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.
  • Bitcoin (BTC) $7,460.83 (+2.80%)
  • Ethereum (ETH) $149.11 (+2.13%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $214.11 (+2.79%)
  • Litecoin (LTC) $45.43 (+1.57%)
  • Bitcoin (BTC) $7,460.83 (+2.80%)
Dec 5, 2019 (Thursday)
Dunamu’s crypto subsidiary DXM partners with Ledger to launch custody service for institutional clients
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: LTC/USD pauses downside, bullish RSI divergence raises scope for upside
U.S. financial regulators call for continued monitoring of digital assets and DLTs
Crypto Technicals: IOT/USD retraces above 0.20 handle; recovery lacks traction
Samsung Blockchain Keystore to be soon available in six more European countries, says TRON CEO Justin Sun
KT and China Mobile team up to commercialize blockchain-based roaming charge system
Crypto Technicals: XRP/USD capped below 5-DMA, on track to test trendline support at 0.1995
France to launch CBDC trial by end of Q1 2020
Crypto Technicals: BTC/USD finds selling pressure at highs, bias remains bearish as long as 21-EMA resistance holds
OneConnect seeks to raise $500M for its upcoming IPO amidst global expansion of parent company Ping An
China’s Hainan announces new measures, $142M fund to support blockchain industry
Sean Neville to step down as Circle co-CEO
Bakkt CEO Kelly Loeffler appointed as U.S. senator by Georgia governor Brian Kemp
Gemini burns GUSD bringing total supply to 4.1 million
Crypto Technicals: ETH/USD recovery capped at 200H MA, break below 78.6% Fib (141.35) to knock prices lower
Poloniex users could lose fund, account if they fail to withdraw tokens by Dec. 16, Circle warns
North Korean hacking group may be behind near-undetectable macOS malware
Dec 4, 2019 (Wednesday)
BOJ Governor Haruhiko Kuroda sees no public demand for CBDC at the moment
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.