As previously reported by Cointelegraph, Binance created Binance Jersey at the beginning of 2019. At the outset, Binance Jersey planned to launch fiat-to-crypto support for euros and pounds with major cryptos Bitcoin and Ether (ETH).
Binance’s fiat-to-crypto conversion branch for euros and British pounds, Binance Jersey, has entered into a partnership with the crypto investment service Caspian, which provides trading, portfolio and risk management on its platform.
Caspian shared news of the partnership with Cointelegraph on Aug. 14. The partnership will purportedly result in improved security for crypto investors, as well as a lower barrier to entry for the crypto market.
The managing director of Caspian Chris Jenkins elaborated:
“I am delighted for us to partn
er with Binance Jersey, a substantial step forward in helping move the wide adoption of cryptocurrency trading forward for the institutional market in Europe … As increasing numbers of institutions engage in this emerging sector, there is an increasing need for a reliable fiat-to-crypto exchange.”
Binance Jersey CEO Jon Day also remarked that he believes Caspian’s technical system for order and execution will speed up trading on their end:
“Our clients can now benefit from faster order execution and additional features including a larger suite of customizable market data and parent-and-child order slicing, to name but a few.”
Later in June, Binance Jersey announced that it had issued a proprietary stablecoin backed by the pound. According to Binance chief financial officer Wei Zhou, there has been an increasing awareness of the utility that stablecoins offer, as well as growing use cases for this type of token.
These reportedly motivated Binance Jersey to add the stablecoin, as well as to pursue more fiat-pegged stablecoins.