Quantstamp Audits Binance's First Stablecoin
Quantstamp, a Y Combinator-backed blockchain security company, recently completed the audit of leading global cryptocurrency exchange Binance’s GBP-backed stablecoin, Binance GBP (BGBP).
San Francisco, California, July 18, 2019 – Quantstamp, a Y Combinator-backed blockchain security company, recently completed the audit of leading global cryptocurrency exchange Binance’s GBP-backed stablecoin, Binance GBP (BGBP). The BGBP token joins other stablecoins in the market including Coinbase’s USDC, Facebook’s Libra, MakerDAO’s Dai, and Bitfinex’s Tether, and is one of the first major stablecoins to be pegged to the British pound.
The scope of Quantstamp’s audit included:
- Reviewing code to keep user funds safe
- Checking that the token adheres to the ERC20 standard
- Checking for upgradability issues
- Reviewing for other security vulnerabilities
Due to the results of the Quantstamp audit, Binance upgraded to the latest version of the OpenZeppelin ERC20 libraries and corrected other low risk issues.
“The Quantstamp team is thorough and efficient when it comes to ensuring the security of ERC20 tokens, and we are appreciative of their audit of our first stablecoin, BGBP,” said Binance CEO, CZ (Changpeng Zhao). “As a dual issue token, BGBP is created on both Ethereum as an ERC20 token and on Binance Chain as a BEP2 token. We will eventually enable the two versions of BGBP to be converted freely and traded on Binance Jersey and Binance DEX.”
Quantstamp continues to audit leading blockchain projects
In order to facilitate the mainstream adoption of blockchain technology, Quantstamp has enhanced the security of leading blockchain projects since 2017. By auditing smart contracts for companies including OmiseGO, Chainlink, eToro, and Prysmatic Labs, Quantstamp has maintained state-of-the-art expertise in a rapidly evolving security landscape.
“At Quantstamp, we are building the standard for blockchain security,” says Quantstamp CEO Richard Ma. “Companies approach us because we help them innovate securely.”
Binance supports multiple blockchains with BGBP
BGBP is created on both Ethereum as an ERC20 token and on Binance Chain as a BEP2 token. BGBP is one of the first stablecoins to be pegged to and fully backed by British pounds. Other stablecoins are pegged to a range of assets and currencies, for example, Facebook plans to back Libra with a basket of assets (USD, EUR, JPY and GBP), while MakerDAO and Tether peg their currency to the US dollar.
Binance grows blockchain ecosystem worldwide
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