Binance upgrades first stablecoin thanks to Quantstamp audit

Quantstamp, a Y Combinator-backed blockchain security company, recently completed the audit of cryptocurrency exchange Binance’s GBP-backed stablecoin, Binance GBP (BGBP). The BGBP token joins other stablecoins in the market including Coinbase’s USDC, Facebook’s Libra, MakerDAO’s Dai, and Bitfinex’s Tether, and is one of the first major stablecoins to be pegged to the British pound.

The scope of Quantstamp’s audit included: 

• Reviewing code to keep user funds safe
• Checking that the token adheres to the ERC20 standard
• Checking for upgradability issues
• Reviewing for other security vulnerabilities

Due to the results of the Quantstamp audit, Binance upgraded to the latest version of the OpenZeppelin ERC20 libraries and corrected other low-risk issues.

“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.”
– Binance CEO, CZ (Changpeng Zhao)

Binance supports multiple blockchains with BGBP

BGBP is created on both Ethereum as an ERC20 token and on Binance Chain as a BEP2 token. BGBP is one of the first stablecoins to be pegged to and fully backed by British pounds. Other stablecoins are pegged to a range of assets and currencies, for example, Facebook plans to back Libra with a basket of assets (USD, EUR, JPY, and GBP), while MakerDAO and Tether peg their currency to the US dollar.

Since launching in 2017, Binance has established joint ventures with global partners to create fiat-to-cryptocurrency trading platforms in Uganda, Singapore, and Jersey, which services the U.K. and Europe. Binance U.S., operated by a local partner and built on Binance’s matching engine, is a fiat-crypto marketplace that will serve North America in the near future.

Binance recently introduced margin trading on its exchange and will add a futures trading platform with 20X leverage soon. Binance also plans to add many other stablecoins to its platforms, and recently listed BTCB, a Bitcoin-backed token that is easy to audit and that is expected to increase the liquidity on both Binance and the Binance DEX.