RATE Group | Binance Adds XRP-Pegged Token to Its Decentralized Exchange
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Binance Adds XRP-Pegged Token to Its Decentralized Exchange

11 Oct Binance Adds XRP-Pegged Token to Its Decentralized Exchange

Posted at 14:46h in Cryptocurrency News by

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Binance, the world’s top cryptocurrency exchange by volume, announced Thursday the issuance of the second cryptocurrency ever onto its affiliated decentralized exchange (DEX), Binance Chain.

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

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

“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,” Binance CEO Changpeng Zhao (CZ) said in a statement. “With no trading involved, it is always 1:1, there is no spread, no slippage, no fees.”

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,…

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