The first Binance The debut of a new stablecoin from Binance has successfully undergone a security evaluation by the experts at Quantstamp. Quantstamp .
On July 18th, Quantstamp, supported by Y Combinator, revealed they had inspected Binance's pound sterling-based stablecoin, known as BGBP, with approval.
During their assessment, Quantstamp scrutinized the token’s compatibility with the ERC20 standards and thoroughly analyzed any potential vulnerabilities or issues. Their comprehensive audit prompted Binance to upgrade their ERC20 functionalities by leveraging OpenZeppelin libraries and addressing minor security concerns.
A Dual Issue Digital Sterling
Binance, adept at navigating global finance regulations, is charging ahead with innovations stablecoin In the backdrop of this development, Facebook's blockchain leader David Marcus was in the hot seat under Congress's watchful eye due to Libra's plans and the calls for halting its development.
Whereas BGBP will be directly tied to the British pound, in contrast, Libra is being shaped as a groundbreaking tech-driven alternative that behaves like its own central bank (it's worth noting that Binance has entered discussions on potentially becoming part of the Libra Association , as per Binance's chief strategy officer, Gin Chao).
BGBP won’t be as straightforward either, as this token is being introduced on both Ethereum and Binance’s homegrown blockchain, Binance Chain, according to Binance's founder and CEO, Changpeng Zhao. On this development:
“Quantstamp’s expertise ensures the safety of ERC20 tokens. We appreciate their assessment of our BGBP stablecoin. BGBP takes the form of an ERC20 token on Ethereum and a BEP2 token on Binance Chain. Down the line, both versions will be able to interchange freely and be traded via Binance Jersey and Binance DEX.”
The stablecoin announcement arrived after CEO Zhao disclosed in a YouTube Q&A session in May that Binance was investigating the possibility of launching its own stablecoins.
The Trusted Auditors in the Crypto World
Quantstamp's CEO Richard Ma sees the BGBP audit as a marker for the startup's increasing clout in the cryptoeconomy:
“At Quantstamp, we set the benchmark for blockchain security. Companies come to us for secure innovation.”
Lately, this emerging company has garnered attention with its scrutiny of smart contracts on high-profile platforms like eToro and Prysmatic Labs, contributing to the protection of vast digital asset portfolios, which now exceed a billion dollars in value, Quantstamp claims.
Earlier in June, the startup unveiled the second version of the Quantstamp Security Network on Ethereum’s main blockchain, enabling the storage and scanning of smart contract security reports straight on Ethereum. This release also opened the door for community members to run Quantstamp nodes, earning native QSP tokens.
Binance Has One Speed: Grind
Binance, rooted in Malta, is aggressively carving out its place as a key player in the crypto services arena.
This month alone, Binance has burned $24 million worth of its BNB tokens, opened up a margin trading platform , has rolled out new services like cryptocurrency futures and celebrates its second year in operation.
Regarding margin trading, CEO Zhao has emphasized their ambitions to become the premier exchange for all cryptocurrency fans:
“Launching this new service brings us closer to offering a comprehensive crypto trading platform, meeting the needs of both institutional clients and individual traders alike. It opens up further financial tools to amplify returns on successful trades.”
Intriguingly, the exchange recently confirmed its aspirations to establish a new operation based in the United States, Binance US .
