Changpeng Zhao (CZ), the CEO of Binance Exchange, made headlines today after revealing a quick secret about the upcoming featuring related to XRP, the third-largest cryptocurrency by market volume. The exchange is launching XRP-pegged coins native to its Binance chain.
While responding to a tweet, CZ states that the exchange is all set to offer XRP-pegged token on Binnace Chain and Binance DEX. He tweeted;
This was suppose to be announced a bit later. But such is the nature of blockchain project, #transparency. Can't hide anything.
Guess which flood gates this opens up? https://t.co/Mxpm5jZCfz
— CZ Binance 🔶🔶🔶 (@cz_binance) October 3, 2019
XRP-BF2: XRP Pegged Token on Binance Chain and Binance DEX
The token will be known as XRP-BF2, and as per the Binance explorer, the total supply of this token is 10,000,000. The new native network of Binance, Binance Chain, is the key to offer assets for its newly built DEX, Binance decentralized Exchange.
However, the exchange has earlier announced the creation of native coins that would be pegged to few top cryptocurrencies on Binance – in fact, BNTB is one such coin, which is a Bitcoin-pegged token. As CZ said;
Pegged tokens such as BTCB, are 100% backed by the native coin in reserve, which is Bitcoin (BTC) in BTCB’s case. The reserve addresses are published for anyone to audit. The blockchain offers a much easier way to audit a crypto reserve than a traditional bank balance tether.
In his continuous talk, CZ clarifies there will also be Binance XRP backed by real XRP. The fact Binance is moving forward with this step is that it asserts XRP doesn’t have direct trading pairs on any non-custodian DEX, and looking at that fact, he says, it will now have.
Binance boss further elaborated that the token will be fully backed in a ratio of 1:1 on the blockchain. While the news is quite exciting for the whole XRP community, they seek to catch more details quickly, which is yet to be shared by Binance exchange via its official blog. In fact, the news was supposed to be revealed by Binance very soon, but as per the statement of CZ, the blockchain transparency made it public ahead of the time.
On the back of Binance’s launching XRP-pegged token, the value of XRP is quietly flourishing by 1.78 percent within the past 24Hrs. Moreover, it is currently trading at $0.24 against USD, capturing the market capitalization of $10,925,828,343.
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