Crypto Adoption: Binance Enters Indonesian Market, Confirms Listing of First Non-USD Stablecoin
Binance is all set to list Rupiah token, the first non-USD Stablecoin on the 16th of September.
Much to Benefit of Indonesian Traders
The listing of Rupiah on Binance DEX will allow Indonesian traders to trade directly on Binance DEX in Rupiah denomination. Presently, only the IDRTB/BNB pair is available. Binance plans to launch more trading pairs in the coming weeks.
To celebrate the occasion, the Rupiah platform will hold a trading minigame competition with a total prize of 11,000,000 IDRTB. The winners of this will be announced on their blog and telegram channel.
IDTRB is reportedly the first Rupiah-backed BEP-2 stablecoin on the Binance Chain. It has been issued by PT Rupiah Token Indonesia. Per Rupiah Token’s official blog,
“Each IDRTB is 100% collateralized by a corresponding Rupiah held in accounts subject to regular public reporting of reserves and is kept in Indonesian corporate bank account.”
IDRTB can be directly purchased on the Rupiah Token’s official website. Further, IDRTB can be stored on wallets compatible with Binance DEX.
A Sneak Peak At Binance’s Latest Developments
It seems like Binance is on an all-time high when we talk about its developments. Binance.US recently announced the beginning of phase 1 of its launch in the US. The customer registration and verification will begin on 18th September 2019.
Reportedly, Binance has established a Digital Asset Risk Assessment Framework. This, in turn, will assess the blockchain projects and the criteria for listing. In the US, due to a lack of regulatory certainty, the Exchanges have to be doubly careful on adding currencies.
Also, Binance recently launched a dollar-backed stable coin which was approved by the NYDFS.
With so many developments to its name, looks like Binance is keen on bagging all the laurels in the crypto space. This move comes as a welcome addition to the Indonesian crypto market, now that traders will be able to trade directly with their native currency.
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