Quantstamp Audits Binance's First Stablecoin
Quantstamp, a Y Combinator-backed blockchain security company, recently completed the audit of leading global 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,” said Binance CEO, CZ (Changpeng Zhao). “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.”
Quantstamp continues to audit leading blockchain projects
In order to facilitate the mainstream adoption of blockchain technology, Quantstamp has enhanced the security of leading blockchain projects since 2017. By auditing smart contracts for companies including OmiseGO, Chainlink, eToro, and Prysmatic Labs, Quantstamp has maintained state-of-the-art expertise in a rapidly evolving security landscape.
“At Quantstamp, we are building the standard for blockchain security,” says Quantstamp CEO Richard Ma. “Companies approach us because we help them innovate securely.”
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.
Binance grows blockchain ecosystem worldwide
Binance is the leading cryptocurrency exchange by trading volume and continues to expand services worldwide, introducing more communities and initiatives to serve blockchain advancement. The Binance ecosystem is also comprised of Binance Labs (venture capital arm and incubator), Binance Launchpad (token sale platform), Binance Academy (educational portal), Binance Research (market analysis), Trust Wallet (official multi-coin wallet and dApps browser) and more.
Since launching in 2017, Binance has established joint ventures with leading 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.
About Quantstamp
Quantstamp is a Y Combinator-backed company building the standard in blockchain cybersecurity. With a team of security experts dedicated to securing decentralized systems, Quantstamp is enabling a future of safer and more reliable blockchain applications through smart contract audits and the Quantstamp Security Network. With offices in San Francisco, Toronto, and Tokyo, Quantstamp is committed to best-in-class blockchain innovation globally. To date, Quantstamp has secured over a billion dollars of digital asset value through their audits, and has helped a broad range of enterprises to innovate securely. Find out more about what we’re up to at quantstamp.com.
About Binance Exchange
Binance Exchange is the leading global cryptocurrency exchange by trading volume, with users from over 180 countries and regions. Capable of processing more than 1.4 million orders per second, Binance is one of the fastest cryptocurrency trading platforms in the world. The platform focuses on security, robustness and execution speed—attracting enthusiasts and professional traders alike. For more information, visit: https://www.binance.com
Contacts:
Dan Zhang
Communications Team
Binance
