Binance just launched a new crypto asset called XRP-BF2 on its decentralized exchange, Binance DEX.
The company says the crypto asset is pegged and fully backed 1:1 with real XRP.
XRP-BF2 is designed to give crypto traders on Binance DEX a way to gain exposure to the digital asset XRP.
“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.”
Binance CEO Changpeng Zhao says XRP-BF2 has also been integrated with the company’s leading crypto exchange Binance.com.
“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. 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 DEX runs on the company’s proprietary blockchain called Binance Chain. Since the exchange is designed to run tokens solely built on Binance Chain, the company is launching a suite of compatible new tokens pegged to some of the leading cryptocurrencies on the market.
Binance has already launched a Bitcoin-pegged asset called BTCB, and says more are on the way.