Binance GBP (BGBP) Stablecoin Officially Gets Listed On Binance Jersey Crypto Exchange

Cryptocurrency exchange, Binance has involved itself in an array of goals from listing, to launching and expanding. Earlier this year, the popular exchange revealed its plans for a fiat-to-crypto stablecoin, which they dubbed as BGBP. According to Coin Desk, said plans have been realized, as the stablecoin has officially been listed on Binance Jersey.

As per the claims made, Binance GBP (BGBP) will be pegged as the UK pound and this was the same period in which the Binance Jersey was officially launched. The reason for said endeavor was to attract European traders. According to The Block, the Jersey-based crypto exchange currently houses nine cryptocurrencies pegged against GBP and euro.

The Chief Financial Officer, Wei Zhou, previously shared the reasons for selecting Jersey as the exchange to list the stablecoin as being its

“highly developed digital infrastructure, robust regulatory framework and world-class financial services sector.”

As of Friday, July 19, 2019, Zhou shared the level of interest Binance community has had in stablecoins and how the pure demand alone was enough of a reason to list the BGBP. In particular, he shared that,

“There has been an overwhelming demand in the market and Binance community for more stablecoin diversification, including a GBP-pegged stablecoin, and listing BGBP is in response to it.”

A tweet made out today by Binance Jersey revealed that all UK users can instantly deposit GBP free of deposit and withdrawal fees as well as 10$EUR upon registration.

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