Binance DEX, the decentralized exchange developed on top of the Binance Chain blockchain, today announced its listing of XRP (XRP-BF2). Backed by real XRP assets and issued on Binance Chain, XRP-BF2 is a token pegged to XRP value and tradeable on Binance DEX, allowing DEX users to exchange countless more coins and tokens with full custody over their funds and wallets.
Binance, the leading cryptocurrency exchange and global blockchain ecosystem issuing XRP-BF2, will serve as a bridge for users to convert easily between XRP and XRP-BF2 through deposits and withdrawals on Binance.com. More swap channels are expected to be available on partner wallets soon. As of October 10, 2019, an XRP/BNB trading pair is open on Binance DEX and available for trading.
“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,” said Binance CEO CZ (Changpeng Zhao). “The swapping experience is optimized to be as easy as possible. When users withdraw XRP on Binance.com, they can choose either native XRP or the Binance Chain XRP. With no trading involved, it is always 1:1, there is no spread, no slippage, no fees. 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.
Binance issued its first Bitcoin-pegged token (BTCB) on Binance Chain in June 2019 and continues to strive toward bringing the freedom of money to the masses. 10,000,000 XRP-BF2 assets have been minted on Binance Chain and it is the second pegged token to be issued on Binance Chain after BTCB. With the listing of XRP on Binance DEX, there is improved liquidity in the crypto markets and more financial accessibility provided to users, aiding Binance in becoming the financial infrastructure provider it strives to be.
In the five months since Binance Chain was created, more than 140 BEP2 tokens have been issued on Binance Chain and its block height currently exceeds 40 million. An Indonesian Rupiah-based stablecoin, IDRTB, was issued recently on Binance Chain among other stablecoin projects.
To learn more about the XRP-pegged token, XRP-BF2, read CZ’s Proposal for Listing XRP.
About Binance Chain
Binance Chain is a community-driven blockchain software system with developers and contributors from around the world. Binance DEX is the decentralized exchange feature developed on top of the Binance Chain blockchain, recognized for setting a new standard for fast and secure peer-to-peer trading. For more information on Binance DEX, visit: https://www.binance.org/.