Binance
Binance to Add XRP-Pegged Token for its Decentralized Exchange
October 11, 2019
Binance
Binance to Add XRP-Pegged Token for its Decentralized Exchange
October 11, 2019

Binance, the world’s top cryptocurrency exchange by volume has the issuance of the second cryptocurrency ever onto Binance Chain; it’s affiliated Decentralized Exchange (DEX) that has been announced on October 10 (Thursday).

Listed as XRP-BF2, the XRP variant is pegged one-to-one to XRP on Binance’s main exchange for instant swapping without slippage. Hence, Binance produced 10 million XRP-BF2 for the DEX.

XRP-BF2 is preceded by a June 2019 addition of a pegged variant of bitcoin, BTCB.

Changpeng Zhao (CZ), the CEO of Binance said in a statement:

“All XRP issued on Binance Chain will be backed 1:1 by native XRP sitting in a publicly disclosed address that can be monitored by anyone at all times. With no trading involved, it is always 1:1, there is no spread, no slippage, no fees.”

Changpeng Zhao
binance wechat alipay

The mechanism will soon spread to other cryptocurrencies as well, CZ continued:

“More significantly, this is not limited to XRP now. The same mechanism can be used to migrate other coins onto Binance Chain, where they can experience non-custodian trading that was not possible before.”

Changpeng Zhao

Meanwhile, the only road for off-boarding XRP-BF2 goes through Binance, although the firm is currently working toward adding swap channels through partner wallets.

ALSO READ :  Binance Makes Strategic Investment In FTX

Thus, Binance made headlines earlier this week with the addition of peer-to-peer payments from Alipay and WeChat, two of the most popular messaging apps in China. Only bitcoin-for-yuan trades are currently supported.


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Ishita Bora

Ishita Bora is a content creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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