Posted 2 years ago | by Ben Armstrong
Binance Launches New Stablecoin as it Prepares to Buy Majority Stake in Swipe
The launch of the First Rupiah-backed Stablecoin
Binance, the world’s leading cryptocurrency exchange, has launched a new stablecoin on its blockchain under its partnership with the Indonesian crypto exchange Tokocrypto, with both exchanges listing the rupiah-backed stablecoin Binance IDR (BIDR).
Since June 30, Binance and Tokocrypto users have been able to trade BIDR against Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD), Tether (USDT) and Ether (ETH).
Users can also purchase and exchange the stablecoin directly at a rate of 1 Indonesian rupiah each.
Binance is constantly expanding its services and providing more benefits to its users. If you want to take advantage of this new stablecoin as well as the multitude of features and trading pairs offered by Binance, click here to sign up.
Binance is Expanding its Services
According to Changpeng Zhao (CZ), Binance’s CEO, collaboration with Tokocrypto in the creation of BIDR is the first stablecoin pegged to Indonesia’s fiat currency.
According to CZ: “Stablecoins [...] are an important channel for fiat money to spread around the crypto ecosystem. [...] BIDR, in particular, is especially important in supporting our growing number of users who are trading and buying cryptocurrencies with the Indonesian Rupiah.”
Binance invested in Tokocrypto back in May, which is the first crypto exchange in Indonesia regulated by the country’s Commodity Futures Trading Regulatory Agency.
Back in November of 2918, Binance also acquired the major Indian crypto exchange WazirX to expand its services in Asia.
In April, Binance’s CEO reported that the company would be prioritizing collaborations with domestic cryptocurrency exchanges that have banking relationships to help in the roll-out of fiat currency trading.
Binance has also recently launched new crypto trading platforms including Binance Uganda, European trading platform Binance Jersey, Binance Singapore, and Binance.US, all of them locally-regulated.
Setting the Stage for the Binance Payment Card
Binance is finishing a deal to acquire a majority stake in crypto startup Swipe.io, which will allow the exchange to start the plan for the launch of a branded payment card. This deal could be publicly announced as soon as this week.
Binance also announced back in March that its Card "does everything a regular payment card does, plus much more", with details on the extra features not been announced.
The new Binance Card Will be Powered by Swipe as a White-Label Product
Swipe.io offers a wallet app for various cryptocurrencies as well as a crypto-to-fiat funded Visa debit card. The cards are currently issued by Contis Financial Services Ltd, which is a Visa member licensed by the U.K. Financial Conduct Authority.
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