Binance, the world's top cryptocurrency exchange by volume, announced Thursday the issuance of the second cryptocurrency ever onto its affiliated decentralized exchange, Binance Chain.
Listed as XRP-BF2, the XRP variant is pegged one-to-one to XRP on Binance's main exchange for instant swapping without slippage, the exchange said.
Binance minteds 10 million XRP-BF2 for the DEX. XRP-BF2 is preceded by a June 2019 addition of a pegged variant of bitcoin, BTCB. "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," Binance CEO Changpeng Zhao said in a statement.
"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."
For now, the only road for off-boarding XRP-BF2 goes through Binance, although the firm is currently working toward adding swap channels through partner wallets.
Only bitcoin-for-yuan trades are currently supported.
Binance Adds XRP-Pegged Token to Its Decentralized Exchange
gepubliceerd op Oct 11, 2019
by Coindesk | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.