The CEO of Binance exchange Changpeng Zhao has just addressed the listing of XRP-pegged token on his decentralized exchange Binance DEX as a huge development for the exchange.
Popularly known as CZ, the CEO said the introduction of XRP-pegged token is “a giant leap for Binance DEX” when compared to the benefit that XRP will derive from the listing.
After days of pre-announcement by CZ, XRP-pegged token has officially gone live of the Binance DEX. Binance decentralized exchange today announced the listing in a release. The exchange said it had also opened trade for XRP/BNB trading pair at 8:30 AM (UTC) today.
Henceforth, Binance will provide users the ability to make conversion between XRP and XRP-BF2 via withdrawal and deposit process.
The listing of the XRP-pegged token on Binance exchange was such a huge development, which will potentially increase the usage of the token. This came at a time Ripple, the company backing XRP, committed much effort to promoting On-Demand Liquidity utilizing XRP.
However, the Chinese-Canadian business tycoon, while speaking on the development said: “A small step for XRP, a giant leap for Binance DEX.”
CZ furthered that now that XRP has been pegged on-chain, its crypto-pegged tokens will be completely backed by Binance’s reserves. CZ added that unlike BTC which has the symbol BTCB when pegged on the exchange, XRP will maintain the same symbol – XRP.
Henceforth, withdrawal of XRP can be made directly on Binance.com by either choosing the native or BEP2 version, the billionaire CEO ended.
– XRP pegged on-chain, 100% reserve
– Same symbol, not XRPB, just XRP
– Withdraw XRP directly from https://t.co/9rMMAmtCxH, choose native or BEP2 version, 1:1, no slippage
– Trade non-custodian on @Binance_DEX
— CZ Binance (@cz_binance) October 10, 2019
Early this month, NewsLogical reported that CZ Binance affirmed that XRP-pegged token XRP-BF2(XRP) will go live on Binance DEX and Binance Chain.
Since the first declaration of the upcoming listing, CZ had shown much positivity for the development. At that time, the founder of the exchange said when it was finally unveiled, it would help open a number of flood gates.