Binance Jersey, the European subsidiary of Binance, on Friday announced the listing of British pound-backed Binance GBP Stablecoin (BGBP) on the platform.
With this listing, the cryptocurrency exchange is aiming to provide more trading options to its clients spread across Europe.
Commenting on the listing, Wei Zhou, the chief financial officer of Binance, said: “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.”
“Use cases and the utility of stablecoins have increased as well as BNB, which has tripled since the beginning of the year and continuing to grow rapidly with the advancement of Binance Chain.”
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Expanding global reach
Launched in January, Binance opened its Jersey-based subsidiary to provide crypto-fiat trading services to European traders. Currently, the exchange lists nine digital currencies – Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Binance Coin – against two fiats – the British pound and euro.
Though at the time of launching, the exchange offered only four trading pairs, it now has extended to ten. Moreover, with the listing of BGBP, this number is expected to rise further.
Binance is one of the largest cryptocurrency exchanges on the globe in terms of the daily adjusted trading volume. In the last 24 hours, the exchange handled crypto trades worth more than $2.2 billion, according to Coinmarketcap.com, which was generated from its 517 markets.
Despite its dominance in the crypto-to-crypto trading market, the exchange is pushing hard to become a leading platform in the crypto-fiat trading markets as well. Other than Binance Jersey, the Malta-registered exchange also opened fiat-based exchanges in Uganda, Australia, and most recently in Singapore.
The exchange is also reportedly planning to enter the lucrative South Korean market and is already in the process of opening a new branch in the peninsular country. However, it is not clear yet whether the exchange is going to open a fiat-crypto exchange there, or planning for some other platform.