Binance Launches Bitcoin-Backed Token Powered by Binance Chain
The Binance exchange in the coming days will release a series of BEP2 tokens pegged to the rates of various cryptocurrencies on its own Binance Chain blockchain. The first token of this sample was BTCB – its rate is pegged to Bitcoin..
BTCB is backed by bitcoins held in Binance reserves. The address for storing bitcoins has already been made public, so users can make sure that the token has the necessary security.
In the future, the BTCB / BTC trading pair will be launched on Binance.com. With its help, users will be able to convert the original cryptocurrency into the Binance Chain token. The price spread in this case will be about 0.1%.
According to Binance, in this way it will be able to bring cryptocurrencies based on its own blockchains and currently not represented on Binance Chain into its ecosystem. The company expects the launch of new instruments to increase liquidity and trading volumes on Binance DEX.
“While this approach is more centralized than atomic swaps, we believe it will be easy to use for most traders. In any case, most traders already trust Binance.com with their assets, ”the exchange writes..
To date, Binance has independently reserved 9,001 BTC and issued 9,001 BTCB. The BTCB / BTC trading pair on Binance.com will appear approximately within 24 hours, and the asset will be added to Binance DEX after the approval of the corresponding proposal.
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