The Bitcoin exchange Binance will bring out their own Stable Coin. Together with the Blockchain-companies Paxos, the stock exchange has received approval for the Binance US dollars (BUSD) from the New York State Department of Financial Services approved.By Phillip Horch
6. September 2019BTC$10.838,32 , 3.44%part Facebook Twitter LinkedIn xing mail
The Bitcoin exchange Binance will in the future make the Tether competition. With the BUSD Stable Coin, the company will deliver in the future, a crypto-currency, which will cover the U.S. Dollar 1-to-1.Binance and Paxos to get approval for BUSD
As the company in a blog post informs, it has to get the permission of the New York State Department of Financial Services (NYDFS). Binance will bring the BUSD in addition, together with the Paxos Trust Company of the Hodler.
Furthermore, Binance informed that the crypto-currency BUSD is still to go this month at the Start. The partnership Binance a delighted CEO, Changpeng Zhao:
Paxos is a leader in the field of digital trust and we look forward, with you in the development of our stablecoins to cooperate. We hope to be open by the output of BUSD more financial services for the greater Blockchain Ecosystem, including more use cases and Benefits through the use of a stable of digital Assets.
Rich Teo, Paxos-co-founder, is in the exultation:
More Stable Coins in the Bitcoin Ecosystem
The approval of BUSD by the NYDFS is an important step in the direction of the long-term stability in the global crypto-markets. We are proud that our Stable-Coin-as-a-Service offering enables trusted company how to Binance, to introduce products that are tailored to your users [...].
Stable Coins come with the promise of a stable value map. In contrast to Bitcoin, which is appreciated for its volatility or price fluctuations and feared, are covered stablecoins about other currencies or Assets. They represent the respective Asset 1-to-1.
In the past, the market leader of the Tether was, however, again and again in the Bitcoin-News-headlines. The Stable-Coin vendor about the short hand changed the policy, what is not guaranteed the cover of the digital coins by the US Dollar any longer. Furthermore, the Tether Limited is suspected, together with the Bitcoin exchange BitFinex, a total of 850 million US-dollars embezzled. With your BUSD Binance is entering a promising field.
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