Quantstamp, a Y Combinator-backed blockchain security company, recently completed auditing the 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
Using open source tools to streamline manual evaluation, multiple engineers from Quantstamp pored over Binance's smart contracts checking for security vulnerabilites and deviations from specification. 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 helped secure 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.