Binance GBP (BGBP)

• Market value: Unknown
• Circulation: Unknown
• Historical price fluctuation: $1.19 — $1.25 (~1 £)
• Stability: 1:1 parity with British pound (GBP), and the reserve fund is deposited at Binance Bank.

The emergence of the BGBP stablecoin marks Binance beginning to realize its cryptocurrency trading ambition. To establish a series of stablecoins anchored to different fiat currencies on the Binance blockchain.

On July 19, 2019, Binance Jersey, the fiat currency exchange that accepts the Euro (EUR) and British Pound (GBP), announced the listing of its stablecoin-backed Binance BGBP. The digital asset is based on Ethereum, anchored with the British Pound (GBP), and supported by fiat currency reserves. The Binance Jersey exchange announced for the first time in early June 2019 that it is testing a stablecoin backed by the British pound. At that time, Binance CEO CZ confirmed that only stablecoins worth £200 were issued. During the launch of GBPB, there were only two other projects offering stable currency anchored in GBP: TrueGBP and the eToro GBP stablecoin project.

Function

Binance said they hope to continue to provide more choices in the field of encryption by providing European users with a better trading experience. Zhou Wei, Chief Financial Officer of Binance mentioned: “The market and the Binance community’s demand for stablecoin diversity (including stablecoins anchored to the British pound) is becoming stronger and

stronger, and BGBP’s listing is the response to this. Stablecoin use cases and utility have increased; since the beginning of the year, BNB has tripled, and it continues to grow rapidly as Binance Chain advances.”