Crypto Exchange Binance Trials GBP-Pegged Stablecoin

News | June 5, 2019 By:

Binance, one of the world’s largest crypto exchanges, is trialling a GBP-backed stablecoin.

A Twitter user named “CryptosBatman” tweeted that there were rumors that Binance will be launching its own stablecoin pegged to the British pound.

Binance CEO Changpeng Zhao replied to the tweet, confirming that the stablecoin is available on Binance Chain, the company’s native blockchain platform. However, the CEO stated that the stablecoin is still in the testing phase and only £200 worth of the token have been issued so far.

Speaking at FinTech conference Money 20/20 Europe on Tuesday, Binance CFO Wei Zhou said that $BGBP is an effort to diversify the stablecoin assets offered in the ecosystem.

“In line with Binance’s mission, we would like to provide users with more freedom of choice,” Zhou said.

Currently, there are only two GBP-backed stablecoins in the market – the TrueGBP project and eToro’s GBP stablecoin product.