Binance gives an important announcement of 2024
Binance, the world’s largest cryptocurrency exchange by trading volume, has made a major announcement that could have a significant impact on the crypto industry and its users. On January 4, 2024, Binance revealed that it has partnered with MUFG, Japan’s largest bank and one of the world’s leading financial institutions, to launch a new platform for issuing and trading stablecoins.
Stablecoins are cryptocurrencies that are pegged to a stable asset, such as fiat currencies, commodities, or other cryptocurrencies. Stablecoins can offer the benefits of cryptocurrencies, such as speed, transparency, and low cost, without the drawbacks of volatility and risk. Stablecoins are widely used for various purposes, such as remittance, e-commerce, trading, and DeFi.
The new platform, called MUFG Progmat Coin, is based on the Progmat blockchain, a permissioned ledger developed by MUFG that supports smart contracts and interoperability. MUFG Progmat Coin will allow users to create and trade various types of stablecoins, such as fiat-backed, commodity-backed, or crypto-backed stablecoins, using Binance’s technology and liquidity.
According to the Binance announcement, Binance and MUFG aim to make MUFG Progmat Coin the leading platform for stablecoin issuance and trading in Asia and beyond. The platform will offer users the following advantages:
Security and reliability: MUFG Progmat Coin will leverage the security and reliability of MUFG’s banking infrastructure and Binance’s crypto expertise, as well as the Progmat blockchain’s features, such as consensus, encryption, and auditability.
Scalability and efficiency: MUFG Progmat Coin will enable fast and cheap transactions, as well as high throughput and low latency, thanks to the Progmat blockchain’s scalability and efficiency, as well as Binance’s network and resources.
Diversity and innovation: MUFG Progmat Coin will support a wide range of stablecoins, as well as other tokens and assets, such as NFTs, CBDCs, and DeFi products, thanks to the Progmat blockchain’s flexibility and interoperability, as well as Binance’s innovation and ecosystem.
The expected launch date of the MUFG Progmat Coin platform is 2024, subject to Binance Japan’s receipt of an Electronic Settlement Methods Transaction Business Provider license from the Japanese Financial Services Agency (FSA). Binance Japan is a subsidiary of Binance that operates in compliance with the local regulations and laws.
Binance’s CEO, Changpeng Zhao, also known as CZ, expressed his excitement and optimism about the partnership and the platform, saying:
“We are thrilled to partner with MUFG, one of the most respected and influential financial institutions in the world, to bring stablecoins to the next level. MUFG Progmat Coin will be a game-changer for the crypto industry and its users, as it will offer a secure, scalable, diverse, and innovative platform for stablecoin issuance and trading. We believe that stablecoins are the future of money, and we are proud to be part of this journey.”
MUFG’s President and CEO, Hironori Kamezawa, also shared his vision and enthusiasm about the partnership and the platform, saying:
“We are delighted to partner with Binance, the world’s leading cryptocurrency exchange, to launch MUFG Progmat Coin, a new platform for stablecoin issuance and trading. MUFG Progmat Coin will leverage our banking expertise and Binance’s crypto technology to provide users with a convenient, efficient, and innovative way to access and use stablecoins. We believe that stablecoins are the key to unlocking the potential of blockchain and crypto, and we are excited to be part of this revolution.”
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