Binance Jersey Lists Exchange’s Own GBP-Backed Stablecoin
Fiat-crypto exchange Binance Jersey has listed a proprietary GBP-backed stablecoin, dubbed Binance GBP Stablecoin (BGBP).
Fiat-crypto exchange Binance Jersey has listed a proprietary GBP-backed stablecoin, according to a press release shared with Cointelegraph on July 19.
‘Overwhelming demand’ for stablecoin diversification
Listing of the Binance GBP Stablecoin (BGBP) confirms earlier indications that the major industry player had its sights on imminently issuing its own fiat-pegged assets, starting with a cryptocurrency 100% backed by the British pound.
Binance Chief Financial Officer Wei Zhou has given an official statement, in which he noted that:
“There has been an overwhelming demand in the market and Binance community for more stablecoin diversification, including a GBP-pegged stablecoin.”
Zhou added that increasing awareness of the utility of stablecoins and proliferating use cases for the specialized asset have all contributed to Binance’s decision to list the coin, and to press ahead with other fiat-pegged cryptocurrencies.
As previously reported, Binance first launched its Jersey-based platform in January of this year, designing the exchange to support fiat-to-crypto trading of the euro and British pound with Bitcoin (BTC) and Ethereum (ETH) across Europe and the United Kingdom.
More stablecoin fever
Ahead of revealing plans to issue its