Binance Jersey Gets Proprietary GBP-Backed Stablecoin Listed on Its Exchange

According to latest reports, Binance Jersey has announced the listing of a new stablecoin which is backed by GBP (British Pounds) on its exchange platform on 19th July 2019. The stablecoin is termed as BGBP, short for Binance GBP stablecoin.

As per the announcement, Binance GBP has been introduced to fulfill the increasing demand for new stablecoin options. The CFO of Binance, Wei Zhou, came forward to share his opinion on their new endeavor. Zhou said that the crypto market, along with the Binance community, has been witnessing a huge demand for additional stablecoin diversification which includes a stablecoin pegged to GBP. Continuing further, he said that their decision to list BGBP has come in response to this overwhelming demand.

Zhou also pointed out the fact that utility and use cases of stablecoin have grown significantly, just as much as BNB, and it continues to increase rapidly with the Binance Chain evolution. All of it together led them towards the decision of listing the coin.

And that’s not all. The team of Jersey platform is looking forward to adding more digital currencies on its platform in the future. They are working towards furthering the development of their technologies and consumer experience as well, stated the exchange.

For all those wondering, Binance Jersey is a fiat-to-crypto platform which enables users to buy, sell, and trade digital currencies such as Ethereum and Bitcoin with British Pounds and Euros. It is a Jersey division of Binance that was launched in January this year.

Binance, on the other hand, is also keen on introducing more stablecoins based on fiat from now on. It has already begun rolling out coins pegged to cryptos like bitcoin on Binance Chain to boost trading choices on its exchange platform. It was in last month that Binance went on to list Bitcoin BEP2 (BTCB) on its exchange and allowed trading in the pair of BTCB/BTC. The price of BTCB is pegged to Bitcoin wherein 1 BTCB = 1 BTC. It is 100% backed by the equivalent amount of Bitcoin in Binance’s public reserve address.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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