Binance Adds XRP-Pegged Token To Its Decentralized Exchange (DEX)

The top cryptocurrency exchange in the world Binance adds a Ripple (XRP) pegged token to its decentralized exchange this month. As the exchange announced on Thursday in its Ripple news, the issuance of the second cryptocurrency ever on its affiliated decentralized exchange (DEX), Binance Chain.

The token will be listed as XRP-BF2 and is seen as a XRP variant which is pegged one-to-one to XRP on Binance’s main exchange for instant swapping without slippage. The exchange noted that it minted 10 million XRP-BF2 for the decentralized exchange (DEX).

The altcoin news also show that XRP-BF2 is preceded by a June 2019 addition of a pegged variant of Bitcoin named BTCB. As the CEO of Binance Changpeng Zhao (CZ) recently said in a statement:

“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. With no trading involved, it is always 1:1, there is no spread, no slippage, no fees.”

CZ talked about how Binance adds a XRP pegged token and about the mechanism itself, which will soon spread to other cryptocurrencies as well. CZ continued stating:

“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.”

Right now, the only road for off-boarding the XRP-BF2 token as Binance adds it is through Binance itself. However, the firm is currently working toward adding swap channels through partner wallets, too.

For those of you who are not reading the Binance news today, the exchange was featured in them earlier this week with the addition of the 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.

The news later came with a decision by Alipay to ban all BTC and other crypto trading, after which there was an official clarification from the Binance chief. What’s certain right now is that Binance adds XRP-pegged token to its decentralized exchange and with that continues the positive trend of updating it from time to time.