Crypto Gamechanger: Binance Promises ‘Paradigm Shift’ Through Trust Wallet, Tests New Stablecoin
Users of Binance’s multi-cryptocurrency app will soon be able to swap its native Binance Coin (BNB) for other crypto assets in an instant.
Trust Wallet, which supports Binance DEX, is flashing a shiny new update that makes it easy to buy crypto assets without a third party. Founder Viktor Radchenko flexed the new functionality in a recent tweet, performing a coin swap in less than 10 seconds.
Watch the demo and prepare for a paradigm shift. https://t.co/Z6YnrWoWlh
— CZ Binance (@cz_binance) June 2, 2019
The Malta-based exchange is also testing a new stablecoin on Binance Chain, designed to provide stability for notoriously volatile cryptocurrencies.
Speaking at Money20/20 Europe in Amsterdam, CFO Wei Zhou says Binance GBP Stable Coin (BGBP) will be pegged to the British Pound (GBP).
“BGBP. which we are currently testing and will launch in the future. is an effort to diversify the stablecoin assets offered in the ecosystem. In line with our mission at Binance, we would like to provide users with more stable coin options and more freedom of choice.”
Zhou says BGBP is in the advanced testing phase for listing on Binance Jersey, the fiat-to-cryptocurrency exchange that currently supports the buying and selling of Bitcoin (BTC) and Ethereum (ETH) with euros (EUR) and British Pounds (GBP).
Meanwhile Binance DEX will start blocking users from the US and 28 other countries starting July 1, 2019.
Although the exchange has yet to offer an explanation, regulators have expressed concern about certain cryptocurrencies with respect to decentralized exchanges. According to an SEC filing against DEX EtherDelta, it executed trades involving “tokens that are securities under the federal securities laws.” By geo-blocking US customers, Binance is effectively pulling the plug on potential clashes with the US Securities and Exchange Commission.