Binance DEX Launches XRP-Backed XRP-BF2; The Second Asset On Its Binance Chain Blockchain
The decentralized exchange that was developed on Binance chain technology, Binance DEX, announced the listing of XRP-BF2. The token pegged asset to XRP value will be backed by XRP assets and be issued on Binance Chain. It will also be tradeable on Binance DEX, which means the DEX users have more tokens and coins to trade on at their convenience.
— Binance (@binance) October 10, 2019
Binance is so far regarded as the leading global blockchain ecosystem and cryptocurrency exchange. The company will serve as a medium for easy conversion between XRP-BF2 and XRP via withdrawals and deposits on the Binance platform. Other swap channels will be added on the user’s wallets quite soon.
The trading pair XRP/BNB is already open as of now and available for trading on Binance DEX. Binance CEO Changpeng Zhao said that all the XRP that was issued on Binance Chain is going to be backed on a ratio of 1:1 by the original XRP. It is also to be at a disclosed address that is accessible to anyone at any time for monitoring.
The CEO also added that Binance had optimized the swapping experience, and it was just a simple task to any user. At any time the users want to withdraw XRP on the Binance platform, they would have to select whether it should come as the Binance chain XRP or the native XRP. The ratio of the two is always at 1:1, and there are no fees, no slippage, and no spread, according to the CEO.
The same case applies even to other assets when moving them to Binance Chain. It is not limited to the XRP asset alone. Users of Binance can now enjoy non-custodian trading unlike there before.
June 2019, Binance issued it’s first-ever pegged-token, which was Bitcoin-pegged token. The firm is looking to increase them over time, and this is why the XRP-BF2 assets were brought to life. It is the second pegged token to be released by Binance Chain, and there were 10 million issues of the XRP-BF2 assets.