The popular cryptocurrency exchange Binance, has recently announced it has launched a new stablecoin called Binance GBP Stable Coin (BGBP). This is clearly one step towards offering better services to DEX users and individuals using Binance products. The coin was issued on the Binance Chain.
Binance Launches BGBP Stablecoin
Binance has just launched a new stablecoin called BGBP that will be used by customers on the new decentralized exchange created by the company. According to CryptosBatman on Twitter, Binance issued a stablecoin that is expected to help Binance reaching new individuals and customers in the market.
It looks like @Binance has issued their Stable Coin $BGBP on Binance Chain!
It's incredible how fast Binance moves. I can't say enough how big this is for Binance and Binance Chain.
Expect $BNB to skyrocket from here! pic.twitter.com/FAEdvMG2tF
— CryptosBatman ⚡ (@CryptosBatman) June 3, 2019
Changpeng Zhao, the CEO of Binance, said that the stablecoin is still in a testing phase and they have only minted £200 so far. However, he made it clear that they want to implement new things on the platform being sure that everything is properly tested and works as it should.
Apparently, the decision to use the GBP is due to regulatory issues. There were users asking why not to use the USD or the Euro. The United States has a very strict regulatory framework that seems not to be compatible with Binance. At the moment, Binance Jersey has access to the UK banking system and they are offering GBP trading pairs.
Binance has released its decentralized exchange (DEX) for users to be able to exchange their funds without having to rely on a third party centralized platform. However, decentralized exchanges have a lack of stable options for users to hedge against volatility in the market. Even during periods of large trading volumes and price fluctuations, stablecoins tend to move around 1% as well.
The BGBP could also be used on Binance.com, the main exchange that Binance created, and Binance.je. At the moment, there is no further information regarding the future plans of the company. They are now focused on delivering a better user experience for DEX users, launch new Initial Exchange Offerings (IEOs) and continue their development of the Binance Chain.
Meanwhile, Binance Coin (BNB) remains close to the highest point ever reached. As reported by ConinMarketCap, Binance Coin is the 7th largest cryptocurrency in the market with a valuation of $4.54 billion. It also has a price per coin of $32.19. In the last 24 hours, BNB lost 3% of its price as many other digital currencies in the top 100.
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