Largest cryptocurrency exchange by trading volume, Binance, is launching XRP-backed token on its two colossal projects, Binance Chain and Binance DEX. The CEO of the gigantic exchange, Changpeng Zhao, made the proclamation October 3 on his twitter account. The name of the token is yet to be announced though, but it is to be completely backed by XRP in a reserve address.
Also known as CZ, the CEO said the announcement was meant to be pronounced on a later date, but the transparency nature of the blockchain industry made way for an early disclosure.
“This was supposed to be announced a bit later. But such is the nature of blockchain project, transparency. Can’t hide anything,” CZ stated.
The token will be made available on the blockchain software system developed by the exchange, Binance Chain. The Chinese-Canadian business tycoon added that the XRP (on chain pegged) token will also go live on its recently launched decentralized exchange platform, Binance DEX.
“Well, there you go, XRP (on chain pegged) on BinanceChain and Binance_DEX,” CZ added.
CZ, in the proclamation, declared huge optimism for the development, asking the crypto community to conjecture what good it would yield. “Guess which flood gates this opens up?”
Once the XRP-pegged token goes live, it will be traded against XRP on the decentralized exchange. The development will permit Binance DEX users to have access to tokens that have their own blockchain but are not on Binance Chain. On another side, the introduction of the XRP-pegged token has the potential of increasing the volume and liquidity of the decentralized exchange.
Previously in June, Binance pronounced it blocked users from 29 countries including the US. Now, a new exchange belonging to Binance has been opened in the U.S.