The CEO and founder of Binance, Changpeng Zhao (CZ), announced that the Crypto-Exchange will be issuing a new Token. This is to simulate 1:1 the value of Ripples XRP. The new Token is designed for Binances decentralized crypto-exchange “Binance DEX”. Through it users of the exchange are to receive an opportunity to invest in a Crypto Asset that is developed just like Ripples XRP.
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Ripples XRP will cover the Binance Coin completely
Actually, the news should not be published, but in times of complete “transparency” through the Blockchain CZ was forced on Twitter for the topic to take a position. There, he announced that the new Binance Asset will be 100% covered by Ripples 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) October 3, 2019
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Ripples XRP should learn this and more in demand
The primary use of the new Token will be that it will be this allows traders to Binance DEX is possible on the price development of Ripples XRP. That was, until now, on Binance DEX, in contrast to Binances main trading platform is not possible. As CZ says:
The main advantage of the offer of a Token with a 1:1 figure is that this represents the Binance DEX traders the Token is available, which have their own block chains 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.
The CEO, however, sees only one advantage for Binance users, but hopes to also see more demand for Ripples XRP directly:
The demand should rise as more Use-Case/ Trading takes place.“
The new Ripple Token of Binance is a part of a larger project of Binance. The Crypto-exchange has issued in June already a Token representing the value of Bitcoin. In the long term Binance is planning the introduction of a whole range of Crypto-Assets, all of which are coupled respectively to an important crypto-currency.What do you say Token to the new Binance? You use Binance DEX or see a different Use Case? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)