Binance, the world's largest cryptocurrency exchange by tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details volume, together with a financial institution that digitizes and mobilizes assets, the Paxos Trust Company, announced the launch of the "BUSD" stable coin.
Binance stable coin
According to a blog post on Thursday, the stable coin, dubbed Binance USD (BUSD), will be tied to the US dollar 1: 1.
BUSD stablecoin received approval from the New York Department of Financial Services (NYDFS), which had previously been very strict with cryptocurrency companies.
At the time of launch, verified Paxos customers will be able to purchase BUSD tokens through the company's wallet, using both US dollars and their own PAX with a stable coin.
After that, BUSD will, of course, also be included in the Binance list, where it can be exchanged for Bitcoin (BTC), Binance Coin (BNB) and Ripple (XRP).
Interesting in the section: Description of the Binance exchange platform, the algorithm for creating an account
"Paxos is a leader in digital trusts, and we are pleased to work with them to develop our own stable coin," said Binance CEO Changpeng Zhao.
A Binance spokesman said that BUSD will be built on the Ethereum blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details, but notes that in the future it could "move to the Binance Chain."
Stablecoin will be available for direct purchase and redemption on the Paxos platform, as well as for trading on Binance.com later this month. Firms did not provide a specific date.
- It became known that the Binance exchange bought the Jex trading platform, which specializes in trading crypto-derivatives such as options and futures contracts.
- On August 28, the new Binance platform, Binance Lending, began work. On it, users can lend their cryptocurrency to the platform. In return, the exchange promises to pay up to 15% per annum.
Editor: Yuliya Soroka