Binance Lists New XRP-Pegged Token On Its Decentralized Exchange

Binance lists new XRP-pegged token, the XRP-BF2 on its decentralized exchange- Binance DEX as we are about to read in the latest Binance news. The trading pair is now open for trading on the DEX platform starting today.

The new XRP-pegged token is issued on the Binance Chain and the community-led blockchain software system that supports the Binance DEX platform. XRP-BF2 which is minted and issued by the platform itself is tradeable on the decentralized exchange. According to a proposal by the CEO of the company Changpeng Zhao, the point of the new token is to increase the interoperability between the token assets on the DEX platform. Binance has minted 10,000,000 XRP-BF2 assets on the chain and the total supply will increase along with the demand from the market. Zhao noted in a press release:

 “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. 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.”

One of the main reasons why Binance lists the new XRP-pegged token is to migrate other coins to the platform which could point the way to a stabelcoin ecosystem. This is the second crypto that is pegged and issued on the Binance Chain after the Bitcoin-pegged token- BTCB issued back in June. However, despite the new upgrade on the platform, the controversial Calvin Ayre who is one of the most outspoken supporters of Bitcoin SV, bashed Binance saying that the exchange is operating on ‘’borrowed time.’’

As per the blockchain news, Ayre was often seen as Craig Wright’s right-hand man and in a recent twee he stated that Binance and the native currency Binance Coin is a ‘’house of cards’’ meaning that BNB has no real utility and is propped up by market manipulation. Also, he noted that BNB has no real value and believes that many people will get hurt when the coin collapses.