Binance DEX Now Offers XRP-Pegged Token for Trading
- The new XRP-BF2 token was issued with the aim of increasing the interoperability between different digital assets.
- 10 million tokens of the XRP variant were issued, all of them backed 1:1 by native XRP, which is stored in a public wallet that can be monitored by anyone.
Binance CEO Changpeng Zhao speaking at an “Ask Us Anything” conference. Binance
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.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.