Binance’s much-touted XRP-linked token is officially available for trading on Binance’s decentralized platform, Binance DEX. The platform recently confirmed the addition of an XRP / BNB pair to Binance DEX via an official blog.
Changpeng Zhao (also known as CZ), CEO of the large crypto exchange Binance, was previously in a discussion with the XRP community on Twitter and revealed the upcoming XRP-linked token for Binance Chain and Binance DEX. However, on October 10, the platform went on Twitter, announcing that the new token addition will offer “More Liquidity and Trading” Options for users”.
. @ Binance_DEX Lists $ XRP pegged tokens that provide users with more liquidity and trading options. Http://t.co/Lljnvz1HRt
– Binance (@binance) October 10, 2019
Essentially, Binance’s XRP-BF2 is a new token backed by a real XRP cryptocurrency and issued on the Binance chain. The exchange in its announcement writes that;
XRP-BF2 is a token linked to the XRP value and tradable on Binance DEX, supported by real XRP assets and issued to Binance Chain. This allows DEX users to exchange countless other coins and tokens with full custody over their funds and wallets.
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Currently, the exchange has only opened to XRP / BNB trading pairs. In addition, XRP-BF2 will act as a bridge for instant exchange without slipping, and Exchange announced that 10 million such tokens have been minted for the DEX platform. Other such tokens that Binance previously issued were bitcoin-linked tokens (BTCB).
“All XRP issued on Binance Chain are supported 1: 1 by native XRP, which sits at a publicly disclosed address that can be monitored by anyone at any time,” Binance’s CEO said in a statement. “Without trading it is always 1: 1, there is no spread, no slippage, no fees.”
Currently, users can access XRP-BF2 through Binance, but the exchange said they are currently working on adding more swap channels through partner wallets.
Image source – Binance official blog