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
<img src="https://www.cryptonewspoint.com/wp-content/uploads/2019/10/CZ-Binance-5-860x430.jpg" alt="binance wechat alipay" class="wp-image-2758 lazyload" width="494" height="247" />
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.
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.