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Binance Adds New XRP-pegged Asset to Binance Chain

#Bitcoin #OhNoCrypto Asset

Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, announced on October 10 the issuance of the second digital asset ever on Binance Chain, the exchange’s non-custodial trading platform.

 

The new asset is an XRP variant and it’s listed as XRP-BF2. According to Binance, XRP-BF2 is pegged one-to-one to XRP on Binance’s main trading platform for instant swapping without slippage. 

The Malta-based exchange minted 10 million XRP-BF2 for Binance Chain.

Before launching XRP-BF2, Binance introduced a pegged variant of Bitcoin called BTCB (in June 2019).

Binance CEO Changpeng Zhao stated:

“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. With no trading involved, it is always 1:1, there is no spread, no slippage, no fees.”

The mechanism will also be added to other crypto assets, Zhao confirmed.

He explained:

“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.”

Currently, the only way to off-board XRP-BF2 is through Binance’s trading platform, however, the exchange is working toward integrating additional swap channels through partner crypto wallets.

Earlier this week, Binance revealed it was adding peer-to-peer crypto payments via Alipay and WeChat, two of the most widely-used messaging platforms in mainland China. However, the trades are only supported with the Chinese yuan (CNY).



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