The decentralized exchange of Binance, the world’s larges crypto exchange by trading volume, now offers trading of XRP, Binance DEX announced on 10 October.
According to the announcement, Binance DEX issued a new cryptocurrency, called XRP-BF2, that can be used for instant swapping without slippage.
It was further noted that 10 million tokens of the variant XRP were issued, which are backed 1:1 by native XRP on Binance’s main exchange.
Changpeng Zhao (CZ), Binance’s CEO, tweeted the same day:
As per CZ’s proposal for listing, the aim of this token is to increase the interoperability between different token assets, and to further enlarge the utility value of Binance’s DEX.
It also stated that the native XRP, which is backing the new cryptocurrency, will be sitting in a publicly disclosed wallet that can be monitored by anyone at all times.
CZ said in a statement:
“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.”
Currently the only way to convert between XRP-BF2 and XRP is through Binance.com, though the exchange is working on providing more swap channels on partner wallets.
Earlier this year, Binance also introduced a BTC variant, called BTCB, which is pegged to Bitcoin.