Binance will bring a Token that is to be covered 100% by Ripple’s XRP

One of the biggest crypto currency exchanges in the world, Binance, has announced that the decentralized stock exchange BinanceDEX a Token is offered, the should be 100% covered with XRP. Actually, this Information was intended for a later date, however, the CEO of the stock exchange is constantly striving for the best possible transparency.

Changpeng Zhao, the CEO of the stock exchange Binance, has announced via Twitter that the BinanceChain will support a new Token, which will be 100% covered by XRP.

This was suppose to be announced a bit later. But such is the nature of blockchain project, #transparency. Can’t hide anything.

Well, there you go, #XRP (on chain pegged) on #BinanceChain and @Binance_DEX.

Guess which flood gates this opens up? https://t.co/Mxpm5jZCfz

CZ Binance (@cz_binance) 3. October 2019

The new Token is designed to provide users of Binance’s decentralized crypto-exchange Binance DEX an opportunity to invest in a crypto-Asset that works in the same way as XRP. The CEO says that every transaction can be verified on the Blockchain, and that he hopes that the new plant will increase the demand for native XRP Token actually (freely translated):

The offer would still be in circulation, directly to the Binance chain. You should be actively trading used. From the point of view of the offer, nothing will change. The demand should rise as more Use-Case takes place Trading.

On Twitter, the Community asked already for a long time after other XRP-trade pairs. Zhao describes that this Nachafrage be satisfied and the adaptation is to be further pursued.

Have you ever asked for more Trading pairs against XRP? Native XRP has no direct trading pairs (in particular, in the case of no Custodian DEX) for e.g. BTC, BNB, MATIC, etc. Now, it is now.

It means you will be able to trade most coins and tokens on @Binance_DEX, the non-custodian.

Your keys, your funds!

CZ Binance (@cz_binance) 3. October 2019

Binance has launched in June a Token on the market, is bound to the value of Bitcoin. In the announcement of the company, the Auotren went into more detail on the purpose of the hedging of assets on their decentralized exchange.

The main advantage of the offer of Token with the value of other crypto currencies is to be covered is that this represents the Binance DEX-dealers, obviously, the many Coins that have their own blockchains and not on the Binance Chain based.

With the increase in the selection of the Binance DEX available Token, there should be an increase in the trading volume and the liquidity, which would increase the utility of Binance DEX more.

Featured Image: By Aleksey Ivanov | Shutterstock