Major cryptocurrency exchange Binance and Indonesian exchange Tokocrypto have listed a rupiah-backed stablecoin, Binance IDR (BIDR).
On June 30, an announcement was made stating that Binance and Tokocrypto users can now trade BIDR against:
Bitcoin (BTC)
Binance Coin (BNB)
Binance USD (BUSD)
Tether (USDT)
Ether (ETH)
Binance bersama Tokocrypto resmi memperdagangkan BIDR stablecoin berbasis Rupiah yang kini dapat diperdagangkan dengan aset kripto lainnya. #tokocrypto #tokonews https://t.co/hi32LxRtXZ — Tokocrypto (@Tokocrypto) July 1, 2020
Users will also be able to directly purchase and redeem the stablecoin at a rate of 1 Indonesian rupiah each ($0.000070).
BIDR is pegged to Indonesia’s fiat currency and runs on Binance Chain.
#Binance Lists Binance IDR Stable Coin $BIDR https://t.co/cW9hBw0i1j pic.twitter.com/gTaKtCEPmX — Binance (@binance) June 30, 2020
Binance CEO Changpeng Zhao claims that this is the first stablecoin pegged to this fiat currency.
It was possible through the collaboration between the two exchanges:
“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.”
The news is followed by an announcement on May that Binance invested in Tokocrypto, which is reportedly Indonesia’s first crypto exchange regulated by the country’s Commodity Futures Trading Regulatory Agency.
In April, Zhao also added that Binance is prioritizing collaborations with domestic cryptocurrency exchanges that have banking relationships, which subsequently can help in rolling out fiat currency trading.
Source: Cointelegraph | Image: Unsplash