Binance Jersey Revealed Its GBP-backed Stablecoin ‘BGBP’

By Emily Rys | July 21, 2019
Binance Jersey Revealed Its GBP-backed Stablecoin ‘BGBP’

Binance Jersey, Binance exchange’s subsidiary in Europe, has recently listed a proprietary GBP-backed stablecoin.

According to a press release published on Coinspeaker, Binance has planned to launch the stablecoin with the minting worth of  £200 at the time. The news was confirmed by Binance CEO Changpeng Zhao.

Recently, Binance Jersey’s exchange has officially allowed BGBP/GBP pair to be traded on the platform.

“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.” Binance Chief Financial Officer Wei Zhou said in an official statement.

In the meantime, Blockchain security firm Quantstamp stated that it has completed auditing for the GBP-backed stablecoin, Binance GBP (BGBP). The firm said that Binance “upgraded to the latest version of the OpenZeppelin ERC20 libraries and corrected other low-risk issues”, based on the audit results.

Earlier, Binance has reportedly announced that it is abandoning the current Omni technology, and will be utilizing ERC-20 addresses, regarding the stablecoin tether (USDT) wallets of its clients.

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