Binance rolls out native GBP-backed stablecoin on Binance Jersey to diversify trading options

  • 19 July 2019, Friday, 12:10

A week in the cryptocurrency world cannot go by without an announcement from Binance.

Binance, the world’s largest cryptocurrency exchange by ‘real volume,’ has announced that its native-stablecoin would be listed on Binance Jersey.

BGBP, the Great British Pound [GBP]-backed stablecoin, will be added to Binance Jersey, the fiat-to-crypto exchange to expand its trading options. Presently, the exchange only offers buying and selling cryptocurrencies option with the GBP and the Euro [EURO].

Wei Zhou, Chief Financial Officer of the exchange, commented on the “overwhelming demand” for “stablecoin diversification,” which the company is adhering to by rolling out the BGBP stablecoin.

He added,

“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.”

The inclusion of the GBP-stablecoin is the first step towards expanding Binance Jersey’s trade diversification, with the goal of enhancing their trade-tech and improving customer experience.

Binance GBP Stablecoin or BGBP, was introduced back in early June on the exchange’s native blockchain, Binance Chain. However, despite an official announcement, CEO Changpeng Zhao stated that the stablecoin was in a “testing phase” and only £200 of BGBP had been minted, as on June 3.

From West to East, Binance is looking to add yet another location to its growing list of fiat-to-crypto exchanges. Earlier this week, it was reported that Binance representatives were working with “local partners” to set up an exchange in South Korea.

CZ told reporters that the “details” of the “establishment of the Korean branch” were still being discussed. However, the same cannot be confirmed. A report by a local media outlet added that the exchange had held talks with a local blockchain company, BXB. However, no consensus has been arrived at yet.

Binance has already established fiat-to-crypto exchanges in Uganda, Singapore, and Jersey.