Share this article
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.
Make us preferred on Google
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin climbs above $89,000 as U.S. dollar tumbles on President Trump's remarks
The president said he isn't concerned about the dollar's recent declines, sending the greenback plunging even lower.
What to know:
- Bitcoin rallied above $89,000 as remarks by President Trump sent the dollar to its lowest level in nearly four years.
- Gold rose to a new record above $5,200 per ounce following the president's comments.
- One analyst is seeing a bullish technical divergence which could send bitcoin back to $95,000 in short order.
Top Stories
