Binance, the cryptocurrency leader has recently announced the addition of new trading pairs in its portfolio along with BEAM.
The official website of Binance has been updated to the following:
“Binance will list Beam (BEAM) and open trading for BEAM/BNB, BEAM/BTC and BEAM/USDT trading pairs at 2019/09/20 12:00 PM (UTC). Users can now start depositing BEAM in preparation for trading.”
USDT is the symbolic sign of Tether, the cryptocurrency that is a part of a larger and newly bred version of cryptocurrencies that operate under the name, stablecoins. As the name suggests these coins help maintain stability in cryptocurrency valuations, unlike other currencies that encounter intermittent fluctuations of prices, like ETH, and BTC.
This would allow Binance to give its users a means of exchange along with a way to store value rather than making uncertain investments on its platform.
Binance added $Band in its trading pair after summoning a lottery draw protocol. Binance also has launched Band Protocol, a launchpad venture that raised $3 million in seed funding from three lead speculators and was anticipating a token deal later.
In the month of August, Binance said that it is planning to partner with Paxos, to launch a stable coin known as BUSD, that is backed by USD, i.e., United States dollar.
The addition of this new digital asset is the result of the performances of prior stablecoins including TUSD (TrueUSD), USDC (USDCoin) along with GUSD ( Gemini Dollar ) and not forget PAXG, which is amongst 3 Paxos’s virtual currencies that got a clean chit from the regulators, NYDFS. PAX is a Paxos Standard.
On this event, Chang spoke in an interview that a heads up for BUSD stablecoin from the NYDFS would help Binance stabilize the crypto market worldwide. She said:
“Paxos will be the issuer and custodian of all BUSD tokens. With BUSD, there will be monthly audits, and every customer acquiring BUSD through Paxos or Binance will go through our KYC/AML compliance process. We believe that with Binance’s network reach and our trusted, regulated service, we will be able to make a huge impact on the crypto markets. This is an exciting step towards bringing more stability to crypto.”
The official website however still keeps the Risk warning and states that,
“Cryptocurrency investment is subject to high market risk. Please make your investments cautiously. Binance will make best efforts to choose high-quality coins, but will not be responsible for your investment losses.”