Binance announces the launch of Bitcoin-pegged stablecoin BTCB

17 Jun, 2019
by Richard Allen
Binance announces the launch of Bitcoin-pegged stablecoin BTCB

Binance recently confirmed that it would be launching its first stablecoin pegged to the British pound, with chief financial officer, Wei Zhou stating that this would be the first of many stablecoins. Now, according to Binance’s blog, the exchange is gearing up to launch stablecoins pegged to various cryptocurrencies as well.

“We are launching tokens on Binance Chain that will be pegged to leading cryptocurrencies. This will start with a Bitcoin-pegged token that will be traded on Binance and proposed for trading on Binance DEX,” the blog post reads.

Cryptocurrency-pegged tokens such as BTCB will be 100% backed by its native coin in reserve and will be issued via the exchange’s native blockchain, Binance Chain. The blog post goes on to note that the move forms part of a larger plan to boost the number of tokens available on Binance DEX. BTCB will be available for trading with a BTCB/BTC trading pair on the exchange’s main platform before being able to be transferred to Binance DEX for trading.

Chepicap recently reported that Binance chief executive, Changpeng Zhao had warned the crypto community of an upcoming transfer of 9,001 BTC, calling for the community to remain calm and stating that the transfer was “for something good.” The blog post confirms that BNiannce has reserved 9,001 BTC and minted 9,001 BTCB.

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