Binance Announces Closure of BGBP Stablecoin Project

Binance cryptocurrency exchange management decided to close the BGBP stabbleco -pair of BGBP/USDC..

As a representative of Binance said, Access to the stablecoin BGBP, provided by British pounds in the ratio 1:1, will be stopped today, 17 November. BGBP project, launched in July 2019 of the year, was rather an experiment for the site and "confirmation of the concept".

“The project worked successfully, But the process of release and destruction of tokens was not too convenient for users. To provide our customers with the best experience, We close BGBP, And users will be able to work with the British pound directly ", - emphasized the representative of the site.

Members, on the accounts of which the BGBP tokens will remain, will be able to exchange them for fiat currency using the Convert function, available in the account. Currently, BGBP capitalization is only £ 700,000. For comparison, The capitalization of Stablecoin Busd reaches $662 million.

Recall, that earlier the Binance exchange announced the closure of its unit on the island of Jersey as part of a business reorganization. It was this site that was mainly used to buy stablecoin BGBP.