The world’s largest cryptocurrency exchange in terms of trading volume Binance and the Indonesian crypto exchange Tokocrypto have together launched the first-ever rupiah-backed stablecoin called Binance IDR (BIDR). The newly-launched stablecoin is now available for trading according to the announcement made on June 30, 2020.
First Rupiah-Backed stablecoin now listed on Binance
According to the announcement, Binance IDR (BIDR) is the first Rupiah-backed stablecoin listed on the Binance blockchain via major crypto exchange’s collaboration with Tokocrypto. Pegged to IDR the Indonesian Rupiah, Binance IDR is basically a Binance Chain stablecoin. Users can now purchase this stablecoin directly at the rate of one BIDR.
Binance IDR is available for trading from today onward on the platforms of Binance and Tokocrypto and can be traded against five crypto pairs which include Bitcoin (BTC), Binance USD (BUSD), Binance Coin (BNB), Ethereum (ETH), and Tether (USDT) as per the announcement.
The Co-Founder and CEO at Tokocrypto exchange Pang Xue Kai expressed his view on the occasion and said that they are excited to work with Binance supporting the project of BIDR. Pang Xue Kai said:
“It is a proud and exciting moment for Tokocrypto to work so closely with Binance in support of the BIDR project to bring about a brand-new movement to the crypto space in Indonesia.”
Binance aims to open more financial services
The CEO and founder of Binance crypto exchange, Changpeng Zhao (CZ) says that this listing of first rupiah-backed stablecoin onto their platform is because of the existing powerful partnership between both of these crypto exchanges and says that they hope to open more financial services in the future.
“The development of the first Rupiah-backed Binance stablecoin has been the result of the strong partnership and ongoing collaboration between Binance and Tokocrypto. We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BIDR.”
This development precedes the May announcement when the crypto exchange Binance announced to invest in the Indonesian regulated crypto exchange Tokocrypto.