The first Binance stablecoin is coming, and the token just got a clean bill of health from smart contract security startup Quantstamp.
On July 18th, the Y Combinator-backed auditors announced they had finished reviewing the code of the pound sterling stablecoin, dubbed Binance GBP (BGBP) by the powerhouse Malta-based cryptocurrency exchange.
As part of the audit, Quantstamp’s experts checked the token’s code against the ERC20 token standard and combed for security flaws and any other problematic issues. The team’s work led to Binance updating their ERC20 libraries through OpenZeppelin and removing other miscellaneous “low risk issues.”
A Dual Issue Digital Sterling
Binance, nimble navigators of global regulatory arbitrage, are pushing ahead on the stablecoin against the almost poetic backdrop of Facebook blockchain head David Marcus having faced calls for a Libra development moratorium in U.S. congressional oversight hearings this week.
Of course, BGBP will simply be pegged 1:1 with the pound, whereas Libra is being more ambitiously devised like a Big Tech-backed non-sovereign central bank currency. (Note: Binance has considered attempting to join the Libra Association, per company chief strategy officer Gin Chao).
The BGBP won’t be too simple though, as the token is set to be released both on Ethereum and the exchange’s in-house blockchcain, Binance Chain, Binance chief executive officer Changpeng Zhao said on the news:
“The Quantstamp team is thorough and efficient when it comes to ensuring the security of ERC20 tokens, and we are appreciative of their audit of our first stablecoin, BGBP. As a dual issue token, BGBP is created on both Ethereum as an ERC20 token and on Binance Chain as a BEP2 token. We will eventually enable the two versions of BGBP to be converted freely and traded on Binance Jersey and Binance DEX.”
The stablecoin comes after CEO Zhao confirmed during a YouTube “Ask Me Anything” back in May that the exchange was exploring launching its own stablecoins.
The Cryptoeconomy’s Auditors of Choice
Quantstamp CEO Richard Ma hailed the BGBP audit as just the latest sign of the startup’s rising prominence in the cryptoeconomy:
“At Quantstamp, we are building the standard for blockchain security. Companies approach us because we help them innovate securely.”
In recent months, the fledgling play has made a name for itself in reviewing the smart contracts of high-profile industry stakeholders like eToro and Prysmatic Labs, and in doing so has “secured over a billion dollars of digital asset value,” the company has said.
In June, the startup launched the Quantstamp Security Network V2 on the Ethereum mainnet. With the activation, users can leverage the network scan and store smart contract vulnerability reports on the Ethereum blockchain. The update also made it possible for community members to run a Quantstamp node to earn the network’s native token, QSP.
Binance Has One Speed: Grind
The Malta-based exchange is taking a blitzkrieg approach to asserting itself as the cryptoeconomy’s leading service provider.
This month alone, Binance has burned $24 million worth of its BNB tokens, opened up a margin trading platform, announced plans for a cryptocurrency futures service, and turned two years old.
On the margin trading launch, CEO Zhao noted the company was gunning to become the most useful exchange brand for cryptocurrency users of all stripes:
“This is another step in providing an inclusive cryptocurrency trading platform catering to the needs of both advanced institutional traders and retail traders under the same roof. We are providing a new tool in the financial services and cryptocurrency markets to help amplify trading results of successful trades.”
Notably, the exchange also recently confirmed that it was looking to open up a new America-based operation, Binance US.
Is Binance Bidding For Lichtenstein Union Bank? Binance CFO Denies
Leading cryptocurrency exchange, Binance is in the news again, and this time, the exchange is reportedly in talks with representatives of Vaduz Privatbank Union, also known as Union Bank AG (UBAG) to acquire a stake at the Lichtenstein-based financial institution which is at the verge of liquidation.
Recent reports from InsideParadePlatz local news media reveal that the Liechtenstein Financial Supervisory Authority has ordered the bank with tough deadlines for its shareholders to “meet certain requirements for its own funds.”
With UBAG’s major shareholder, Konstantin Shevago, a Ukrainian billionaire and entrepreneur, now on an international wanted list for his involvement in fraud and money laundering, the bank is in a tight corner and needs new backers to rescue it from losing its banking license.
The bank also reportedly lost another of its major shareholders, an unidentified Iranian, giving the bank’s President, lawyer Wolfram Kuoni, little time to redeem his bank.
The crypto giant to the rescue
Binance, according to the report, may just be the last hope for Union bank, as both firms are currently in talks about how Binance could become a shareholder with an investment of up to 15 million CHF, which is approximately $15,150,000.
“Yesterday, we had a meeting with the Financial Market Authority (FMA) and the representatives of Binance, which operates a globally leading cryptocurrency exchange,” Kuoni said in a letter to shareholders last month.
While the country’s financial regulation, the FMA, is positive towards Binance, the exchange must first file for approval with the regulator and make payment to an escrow account.
“The FMA has made it clear that Binance must file an approval as a shareholder and pay in amount of CHF 15 million to escrow account for a later capital increase by the end of November,” Kuoni wrote in the letter.
Binance denies the rumors
In response to the above, Wei Zhou, Binance CFO, had replied to CryptoPotaot in the matter:
“The reports that claim Binance is investing into Liechtenstein Union Bank or has applied with the Financial Market Authority to become a shareholder of the Bank are inaccurate.
However, Binance would be open to exploring a partnership with Union Bank and its new investors. Binance is committed to adding safe and reliable fiat channels to drive crypto adoption around the world.”
Binance Coin May Tumble Below $15; Drops by More than 0.82% Overnight
- Binance fails to retain the momentum and makes a loss of 0.82% over the last 24 hours
- BNB is likely to follow this price trend for the next few days
Binance Coin (BNB) has shown huge price volatility over the last 24 hours. However, the total change in the value rests at a loss percentage of 0.82%. The major three price variations have been in the range between 15.45 USD and 14.96 USD.
Binance Coin Price Analysis:
Binance Coin opened the day at 15.157 USD and its first major price shift happened between 03:07 UTC and 11:56 UTC. In these 8 hours and 49 minutes, BNB coin declined by 2.21% and got placed at 15.049 USD. It was followed by a 2.67% hike that added 0.40 USD to touch 15.45 USD. The last variation happened between 18:57 UTC and 00:54 UTC today and over these 5 hours and 57 minutes, BNB price noted a 3.16% fall to reach at 14.96 USD, the lowest of the last 24 hours.
BNB’s market cap on December 3 was 2.381 billion USD and it has shown a huge plunge over the last 24 hours. The current market cap rests at 2.358 billion USD.
Binance Coin Price Prediction:
BNB’s 20 days average is now at 15.0400114 USD and its 50 days average stands at 15.0564904 USD. The current value at 15.0318018 USD is 0.16% and 0.05% less than the 50 days average and 20 days average respectively.
Resistance and Support Levels:
|Binance Coin (BNB)|
|1st Resistance||15.55666667 USD|
|2nd Resistance||15.80333333 USD|
|3rd Resistance||16.05666667 USD|
|1st Support Level||15.05666667 USD|
|2nd Support Level||14.80333333 USD|
|3rd Support Level||14.55666667 USD|
Binance’s speed of execution is its most attractive aspect: WazirX CEO
Many influencers in the cryptocurrency industry believe that these assets have the potential to deliver payment facilities to people who are underbanked. India, being the second-most populous country in the world, has many remote areas that banks fail to reach. However, Binance-acquired WazirX’s Founder, Nischal Shetty, believes that crypto has the power to circumvent what physical banks couldn’t.
Appearing on Anthony Pompliano’s Off the Chain podcast, Shetty elaborated on the impact of crypto in India. “Crypto can reach where the Internet can reach,” Shetty said, while pointing out the difficulty of Indians to access capital. The Internet has had a significant impact on the world. Information has no geographic boundaries, he stated; even if people stay in the remotest village of India, they can access the same kind of information that someone in the United States has access to.
However, it’s not the same with regard to capital as Indians would have to pay a 10-15 percent rate of interest for capital, while citizens of the USA or Japan pay very little for the same capital.
Shetty further speculated that capital costs could come down considerably for most countries, including India, if crypto becomes a global financial system. Shetty said that he believes the interest rate could drop to a low of 2-3 percent, as opposed to the present excessive costs. He added,
“And that can bring about a massive transformation in the lives of a lot of people in this country. I think that’s where I’m the most excited about the access to capital without geographic boundaries. I think crypto can make that happen for sure.”
Additionally, Shetty spoke about the latest acquisition deal with Binance and elaborated on why the Changpeng Zhao-led exchange is a good partner for the Indian platform. According to Shetty, Binance could execute his vision of instigating faster adoption of crypto in India. Binance’s speed of execution is the most attractive thing about the platform, he said, adding that contrary to how companies usually grow, the CZ-led exchange’s speed of execution has increased.
“Speed is what we need in the crypto ecosystem today.We need to go faster than what we are doing right now to be able to get such a massive user base in India, the number of people in India, if you want to get to all of them, you need rapid pace.”