Binance’s New XRP-Pegged Digital Asset Is Backed By Real XRP – XRP-BF2 Is Integrated With Binance.com
Binance was recently in the spotlight when it made a lot of crypto enthusiasts freak out with the latest move that the leading crypto exchange decided to make.
Binance removed exactly 30 trading pairs from the platform, and they also came with a motivation for this decision.
The platform said that they decided to take this step in order to “improve liquidity and user trading experience among our wide range of available assets.
Binance launched a new crypto called XRP-BF2
Now, the crypto exchange launched a new digital asset that’s called XRP-BF2 on its decentralized exchange Binance DEX.
The company said that the digital asset is pegged and completely 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,” says the company.
It’s also explained that “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.”
XRP-BF2 is integrated with Binance.com
Binance’s Changpeng Zhao said that XRP-BF2 has been integrated with the firm’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,” Zhao said.
Zhao continued and said that there’s no trading involved, and this means that it is always 1:1 without any spread, slippage, or fees.
Users can now enjoy more liquidity and trading options.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.