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Binance Adds XRP-Pegged Token to Its Decentralized Exchange
The world's leading crypto exchange by volume announced the addition of XRP-BF2 to its decentralized exchange platform.
Updated Sep 13, 2021, 11:33 a.m. Published Oct 11, 2019, 6:01 a.m.
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.
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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, where they can experience non-custodian trading that was not possible before.”
For now, the only road for off-boarding XRP-BF2 goes through Binance, although the firm is currently working toward adding swap channels through partner wallets.
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.
Binance image via Shutterstock
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