Top crypto exchange Binance debuts the BTC/FDUSD and ETH/FDUSD trading pairs as promised. With effect from 2023-08-04 08:00 [UTC], the trading platform will also update its zero-fee Bitcoin trading program to add the BTC/FDUSD trading pair. Until further notice, users of the trading pair will not be charged any maker costs, the announcement blog read.
During the promotion period, users will enjoy zero maker and taker fees on the BTC/FDUSD spot and margin trading pairs. Also, trading volume on the BTC/FDUSD spot and margin trading pairs will be excluded from the VIP tier volume calculation and all Liquidity Providers programs.
First Digital USD [FDUSD] is a stablecoin developed by the Hong Kong-based digital asset company First Digital Group. It is now supported by Ethereum and Binance, with support for additional blockchains on the horizon. Its release coincides with the launch of a new regulatory framework for digital assets in Hong Kong.
The stablecoin is backed by top-notch cash and cash equivalent reserves, which are kept in segregated accounts in licensed financial institutions and are watched over and audited by independent third parties, the business claimed in a press statement at the time.
A spokesperson for First Digital said the stablecoin can interact with financial smart contracts, escrow services, and insurance without intermediaries, thereby reducing the cost of financial transactions while enhancing efficiency and security. The firm was in discussions with all major exchanges for a listing.
Binance Japan Set To Edge Out Local Rivals
As part of the launch, Binance is set to introduce a zero-maker, limited-time promotion for FDUSD trading pairs on FDUSD/BNB, FDUSD/USDT, and FDUSD/BUSD spot trading pairs, as well as any new FDUSD spot and margin trading pairs.
The other day, Binance Japan bolstered its reentry by releasing 34 tokens, including Bitcoin [BTC], ETC, DOT, QTUM, ALGO, Ethereum [ETH], Cardano [ADA], etc., on its platform. Most importantly, BNB, the exchange’s native coin, will now be listed for the first time in the country, according to local media outlet Coinpost.
Since more tokens are supported than by its three main domestic competitors, Bitbank [30 brands], GMO Coin [26 brands], and Coincheck [22 brands], the launch of 34 cryptocurrency brands is a calculated move meant to edge off local competition. As a result, in terms of the volume of issues handled at the time of introduction, it is anticipated to be the leading domestic exchange.