Stablecoins: Gemini Announces Support for Binance USD (BUSD)

The team at digital asset firm Gemini notes that they’re pleased to announce support for Binance USD (BUSD).

BUSD is now “available for deposits and custody on Gemini.”

Trading for BUSD will follow, “opening first on [their] API/FIX and ActiveTrader applications for the USD trading pair.” It will then be “available on the Gemini Mobile App and website on a rolling basis for USD, GBP, EUR, CAD, AUD, HKD, and SGD pairs.”

You may follow Gemini’s official Twitter account “for real-time updates as BUSD becomes available for trading.” Gemini noted that they are excited to “support more than 120 tokens on Gemini.”

The team believes “support for BUSD will provide value to [their] users as we continue to support the growth of the crypto ecosystem.” They look forward “to supporting new crypto projects on our mission to unlock the next era of financial, creative, and personal freedom.”

As clarified in the update, support the Ethereum (ERC-20) version of BUSD will be provided. BUSD purchased on Gemini can be “withdrawn to an Ethereum compatible wallet and swapped to its native version using a bridge.”

As covered, Binance USD (BUSD) is “a USD-backed stablecoin issued by Paxos Trust Company in partnership with Binance.”

Binance acts “as a merchant, primary exchange, and secondary exchange for BUSD. BUSD is an ERC-20 utility token compliant with the Ethereum network.”

BUSD can be “minted and redeemed in exchange for U.S. dollars through Paxos or Binance.”

BUSD purchased on Gemini “can be withdrawn to an Ethereum compatible wallet and swapped to its native version using a bridge.”

In another update, it was noted that earning crypto rewards with the Gemini Credit Card is “as easy as swiping your card.”

Unlocking an exclusive NFT just got easier as well. As mentioned in the announcement, new and existing Gemini Credit Card users can “earn a limited edition animated NFT by simply spending $1,500 within 31 days, following card activation.”

For more details on this update, check here.

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