One of the biggest crypto currency exchanges in the world, Binance, had proclaimed a few days ago, that the stock exchange wants to bring one of your tokens on the market that is 100% covered by the native Token of Ripple, XRP.
Binance has just introduced a new crypto-Token with the name of XRP BF2 on its decentralized stock exchange Binance DEX. The company describes that the crypto-Asset 1:1 with the real native tokens, XRP is completely covered. The XRP-BF2 was developed to provide a crypto-traders to Binance DEX a way to connect with the Digital Asset XRP and use it (freely translated):
Binance, the leading provider of crypto-currencies and the global Blockchain-Ecosystems, the XRP-BF2 out there that will serve as a bridge for users to switch easily between XRP and XRP-BF2 by A – and withdrawals at binance.com .
It is expected that soon more Swap-channels in the Partner-Wallets will be available. 10. October 2019, a XRP/BNB-trade is a few of the Binance DEX open and available for trading.
The CEO of the stock exchange, Changpeng Zhao said that XRP BF2 are also integrated in the leading crypto exchange of the company binance.com however, some development work is necessary (freely translated):
All of the XRPs, which are issued on the Binance Chain, be supported 1:1 by native XRP, sitting in a publicly accessible address, which can be monitored by anyone at any time. The Swapping experience is optimized in such a way that it is as simple as possible. When users withdraw XRP to Binance.com you can choose either native XRP, or the Binance Chain XRP.
Since there is no trading in the game, it is always 1:1, there is no Spread, no Slippage, no fees. Even more important is that this is now no longer limited to XRP. The same mechanism can be used to migrate to other coins on the Binance Chain, where you can take a trade without a custodian Bank is not able to experience that was previously possible.
Binance DEX runs on the company’s own Blockchain Binance Chain. Since the stock market is designed for the operation of the Token based solely on the Binance Chain, the company is a range of compatible new tokens that are tied to some of the leading crypto-currencies on the market. Binance has already launched a Bitcoin-secured Token with the name BTCB on the market, and that more are on the way or in development.
Binance according to the desire of the Community to place another Token on the decentralized exchange, in order to expand the offer step-by-step. The trade fees on Binance DEX are significantly lower than on Binance and the users have to self-manage the responsibility of your private key to gain access to your crypto-currencies. Decentralized stock exchanges are considered to be innovative and, as the next Generation of trading platforms in the cryptocurrency market.
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