Bitcoin Cash to Become Latest Pegged Token On Binance Chain

Bitcoin Cash to Become Latest Pegged Token On Binance Chain

Following the listing of Bitcoin Cash (BCH) on the Binance DEX, a new token known as BCH-1FD tokens, which is pegged to the value of BCH, will be created on the Binance Chain.

This promises to provide users of the Binance DEX with more trading options on the exchange, while maintain they continue to obtain full custody over their wallets and assets. The initial conversion between BCH and BCH-1FD will occur on Bianance via deposits/withdrawals, which will then be followed by the implementation of more swap channels on the Binance Chain. Already the platform has created and issued 5,000 of these new BCH-1FD tokens on the Binance Chain.

Speaking about this latest pegged token on the Binance Chain, Changpeng Zhao, the Binance CEO stated, “The BCH community is one of the strongest crypto communities, and we’re excited to onboard BCH token onto Binance Chain.” Before going on to explain a little bit how the token will work “The BEP-2 BCH token will be pegged to the native BCH asset. BCH holders can enjoy the seamless token swap experience on Binance.com and non-custodian trading on Binance DEX. ”

This is the third pegged token that the platform has launched, following the launch of Bitcoin pegged token in June, and the release of an XRP-pegged token 10 days ago. As such, they are showing that they are committed to this new pegging project. Ultimately the goal, according to Binance, is to provide more liquidity in the market and increase accessibility for their users.

This latest trend of pegged tokens following a long line of 140 other token projects that have been issued on Binance Chain since it was launched earlier this year. Users who aren’t interested in this new token can simply just benefit from the trading of BCH now available on the Binance DEX via the BCH/BNB trading pair.

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