Leading exchange platform, Binance are back once again with an update to their service. This time they have unveiled tokens which will be pegged to leading cryptocurrencies.
The first of such products will be pegged to Bitcoin and will become available on their Binance exchange platform first, with the intention of moving it over to Binance DEX too. The new offering will be issued on Binance Chain, with the Bitcoin version of this pegged tokens to be known as BTCB.
The way these pegged tokens will work is that they will be backed by the native currency they are pegged to. And so, in the case of their first model of this product, BTCB will be backed by the Bitcoin. With the new token offering easy audits as opposed to tethering it to banks, with a much higher level of transparency involved. The coins will then be easy to turn back into the native coin. Once the buy order is filled, an equal number of funds will be deposited from the address int Binance.
A BTCB/BTC trading pair is to be created in the coming days and the exchange has reserved 9001 BTC and minted 9001 BTCB. As such, the project is still at an early stage, but it looks as if it is an initiative that could change the way traders manage their crypto assets.
As per the blog post announcing the news, Binance explained that with an “increase in the selection of tokens available on Binance DEX, there should be an increase in trading volume and liquidity. This would further increase the utility value of Binance DEX.”
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