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.

Recently Similar News

casinoin-promotion etoro-promotion

Latest Guides

Latest News

Cryptocurrency,Exchange Platforms,EXMO

Wirex Token Beats WinK in EXMO Listing Comp

For the last 2 weeks, users of EXMO have been voting for their choice for the next new token to be added to their platform. Yesterday the voting ended with Wirex token coming out on top of the pile. The token of the gaming platform, WinK beat the digital payment service token, Wirex, on social […]

8 July, 2020
Bitcoin,Crypto Wallets,Cryptocurrency,Trezor

BTC Direct Now Integrated on Trezor

Trezor have integrated BTC Direct onto their wallet which will make it easier for traders to buy bitcoin in Europe. You will find the new option within the wallets existing Buy Feature which, as you can infer, is the part of the wallet that helps you purchase cryptocurrencies. However, this feature will now be cheaper, […]

8 July, 2020
Cryptocurrency,Exchange Platforms,Kraken,UK

Crypto Facilities Receives MTF Licensing

A subsidiary of leading exchange platform, Kraken called Crypto Facilities has received a Multilateral Trading Facility (MTF) license from the Financial Conduct Authority (FCA). The obtainment of the MTF license makes them the first cryptocurrency company to hold this license and will allow them to expand its product range and better serve institutional clients that […]

7 July, 2020
Cryptocurrency,Exchange Platforms,EXMO

EXMO Coin’s Third Quarterly Burn Completed

Last week, EXMO conducted the latest burn of their native, EXMO Coin (EXM). This was the third such burn of the token following its launch last year. Taking place on the 2nd July 2020, the event saw 2,092,034.65 EXM burned in accordance with the whitepaper of the token. As per the platform, “we commit to […]

7 July, 2020
Binance,Cryptocurrency,Exchange Platforms

Binance Now Supports PoS Staking

Binance has added a series of new features to their staking service thanks to new support being offered by Binance Pool. Thanks to the new updates, Binance have stated that it is now possible to stake more “high market value tokens as the PoS market” among other benefits to be rolled out for users. The […]

6 July, 2020
CFD Trading Platform,Plus500,Trading

CFD Highlight Events to Watch Out For This Week

Plus500 and Trade.com have both taken to their social media pages to inform users of the events they should look out for this week. The weekly heads up of the big events that will affect trading has been a regular occurrence from these CFD platforms over the last few weeks. These short and snappy lists […]

6 July, 2020
CoinEx,Cryptocurrency,Exchange Platforms

CoinEx List GNO and AST

In the latest in a long list of newly added tokens, CoinEx has expanded its service to include both AirSwap (AST) and Gnosis (GNS). The two tokens went live at the latter end of the last week, going live on Thursday and Friday respectively. Airswap aims to facilitate buying and selling of tokens and, as […]

5 July, 2020
Crypto Wallets

Guarda Set to Begin Mobile App 2.0 Beta Testing

The crypto wallet provider, Guarda are to set to launch the updated version of their mobile app. Ahead of this, they will be rolling out Beta Testing to ensure everything runs smoothly when it hits the market. This Beta testing will beckon in the 2.0 version of the app which will be available on both […]

5 July, 2020