Binance Jersey Lists Exchange’s British Pound-Backed Stablecoin

The Jersey arm of Binance has listed the exchange’s new UK pound-backed stablecoin.

Binance revealed on July 19 that Binance GBP (BGBP) is now supported on the platform because of rising consumer demand for more stablecoin alternatives.

“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,” Wei Zhou, CFO of Binance, said.

Binance Jersey was introduced early this year to provide trading in bitcoin and ethereum against the euro and the British pound. Jersey is a self-governing dependency of the U.K.

According to the exchange, the Jersey platform plans to add support for more cryptocurrencies soon, while advancing the platform’s technology and user experience.

Binance is also anticipated to introduce more fiat-based stablecoins moving forward and has also begun launching tokens pegged to cryptocurrencies like bitcoin.