Binance DEX Launching A XRP-Pegged Crypto Token Called “XRP-BF2”

The leading cryptocurrency exchange Binance is launching a token pegged with the third-largest digital asset XRP.

Binance CEO, Changpeng Zhao broke the news on Twitter after a Twitter use shared the link from the Binance Chain where it states the asset “XRP-BF2” will have a supply of 10 million.

This new token will allow Binance DEX users to invest in a crypto asset that will track the XRP price.

“The supply would still be ‘in circulation’, just on the Binance Chain. They should be actively used for trading. Nothing changes from the supply perspective. Demand should increase though as there is more use-case/trading going on,”

said Zhao.

In response, a Twitter user shared an image from a recent event where Ripple announced Binance US and Binance DEX as the latest XRP community members.

Back in June, Binance launched a token pegged to the leading cryptocurrency Bitcoin and the exchange is planning to launch digital assets that are pegged to all the major cryptos.

The idea is to make cryptos available to Binance DEX traders that have their own blockchains and aren’t native to Binance Chain via these crypto-pegged tokens.

This, in turn, will increase the utility value of the platform by increasing the trading volume and liquidity as the selection of tokens on Binance DEX has been increased.

XRP has support from other companies coming its way as well.

As Coinbase UK restarted GBP withdrawals and deposits for its UK customers after they were shut down in August, following Barclays cutting its banking services, the crypto exchange is enabling the option to buy five new digital assets including XRP with GBP.

Blockchain analysis firm Chainalysis is also planning to add more tokens inducing XRP over the next three months.