Binance DEX, the decentralized exchange developed on top of the Binance Chain blockchain, today officially announced its listing of XRP (XRP-BF2). Backed by real XRP assets and issued on Binance Chain, XRP-BF2 is a token pegged to XRP value and tradeable on Binance DEX, allowing DEX users to exchange countless more coins and tokens with full custody over their funds and wallets.
The cat was out of the bag a week ago with a tweet by Binance CEO Changpeng Zhao (CZ):
Now the listing is official with additional details:
Binance 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.
According to CZ:
“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 issued its first Bitcoin-pegged token (BTCB) on Binance Chain in June 2019 and continues to strive toward bringing the freedom of money to the masses. 10,000,000 XRP-BF2 assets have been minted on Binance Chain and it is the second pegged token to be issued on Binance Chain after BTCB. With the listing of XRP on Binance DEX, there is improved liquidity in the crypto markets and more financial accessibility provided to users, aiding Binance in becoming the financial infrastructure provider it strives to be.