As the majority of altcoins took another beating, Binance [BNB] Coin gained in double digits in the past 24 hours. The native token of Binance rose from below $27 to trade above $31, gaining over 14.5% on a daily scale.
The previous day threw a lot of limelight on Binance beginning with a FUD alert of a hack on the Exchange. It unfolded a series of events including an update from Binance where a hacker had been trying to extort 300 BTC in exchange for the customers’ KYC data.
However, developments later in the day turned out to be good for Binance as it announced that is hoping to open a new office in London, and it’s Decentralized Exchange (DEX) has added support for TUSD. Changpeng Zhao, the CEO of Binance, told the media,
“I hope we can open an office in London very soon… I thought the U.K. regulation was very neutral and very positive; they were a little bit strict on the derivatives part which I hope they will be more flexible about.”
Binance DEX Adds TrustToken Stablecoins
The functioning of a decentralized exchange (DEX) differs from that of a traditional exchange. Adding support for a cryptocurrency requires native chain support for it. In this case, the cryptocurrency must be issued on Binance chain, the native public blockchain for the exchange.
Reportedly, TrustToken will launch five stablecoins backed by USD, GPB (British Pound), CAD (Canadian Dollar), AUD (Australian Dollar), and HKD (Hongkong Dollar). This will go live on 8th August 2019. The development will also allow the non-custodial exchange’s users to trade the stablecoins with trading fees “as low as 0.04%.”
TrueUSD, TrueGBP and so on have emerged as alternatives to USD-Tether which is the largest and oldest stable coin in the business. TrustToken co-founder and CEO, Jai An told the media,
“Our goal is to provide more users with easy access to stablecoins they can trust,”
Hence, this enables the entry of fresh FIAT volume on the Exchange. The DEX already supports BTCB, which is Bitcoin [BTC] backed 1:1.
Do you think that rumors hacks and regulatory hiccups could affect exchange business or BNB? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com