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Binance Testing New Stablecoin on Its Binance Chain Blockchain System

By Daniel T. | June 4, 2019
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Binance Testing New Stablecoin on Its Binance Chain Blockchain System

Binance – the global, high-profile cryptocurrency exchange platform – is reportedly planning to introduce a new British pound stablecoin, developed on its native Binance Chain blockchain system and currently in a testing phase.

Specifically, according to a Tweet from the account CryptosBatman on June 3, a new GBP-backed stablecoin, described as “$BGBP”, has been listed as an “asset” on the Binance Chain blockchain.

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Changpeng Zhao – current CEO of Binance – has later responded to the Twitter post from the crypto fan, confirming the appearance of the new Binance stablecoin, which is still in the testing process with “only £200 minted so far” on the system.

The crypto enthusiast CryptosBatman has also expressed his personal opinion regarding the new stablecoin, as he felt that “it’s incredible how fast Binance moves”, and hope that the new coin will “skyrocket from here”.

In May 2019, Zhao has gathered numerous negative comments, regarding his post about blockchain re-organization – a transaction rollback – in response to a $40 million hack.

“Given how much I talk, I sometimes say the wrong stuff, dirty words like ‘reorg’, for which I apologize. It is my strong view that our constant and transparent communication is what sets us apart from the “old way of doing things”, even and especially in tough times.”

Earlier this year, Binance launched its mainnet blockchain, Binance Chain for swapping $3 billion Binance Coin (BNB) currently running on Ethereum blockchain, reported by The Crypto Sight on April 22.

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