One of the world’s biggest cryptocurrency platforms by volume has just announced the issuance of the second cryptocurrency ever onto its affiliated decentralised exchange (DEX).
Announced Thursday, Binance listed an XRP variant which is pegged one to one to XRP on the main platform.
Listed as XRP-BF2, the new token is going to be used for instant swapping without any hiccups. Binance minteds 10 million XRP-BF2 for the DEX.
The Binance CEO Changpeng Zhao 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.”
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Such a mechanism will start growing to other cryptocurrencies too as CZ said:
“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.”
For now, though, the only road for off-boarding XRP-BF2 is available via the Binance platform despite the company only working towards adding swap channel through partner wallets.
The crypto platform made headlines this week for another reason. As previously reported by CryptoDaily, the platform added peer-to-peer payments from Alipay and Wechat. These are two of the most popular messaging networks in China. Despite only having bitcoin-for-yuan being supported on the platform, it’s a good start.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!