Binance Adds New XRP-pegged Asset to Binance Chain

Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, announced on October 10 the issuance of the second digital asset ever on Binance Chain, the exchange’s non-custodial trading platform.

The new asset is an XRP variant and it’s listed as XRP-BF2. According to Binance, XRP-BF2 is pegged one-to-one to XRP on Binance’s main trading platform for instant swapping without slippage.

The Malta-based exchange minted 10 million XRP-BF2 for Binance Chain.

Before launching XRP-BF2, Binance introduced a pegged variant of Bitcoin called BTCB (in June 2019).

Binance CEO Changpeng Zhao stated:

“All XRP issued on Binance Chain will be backed 1:1 by native XRP sitting in a publicly disclosed address that can be monitored by anyone at all times. With no trading involved, it is always 1:1, there is no spread, no slippage, no fees.”

The mechanism will also be added to other crypto assets, Zhao confirmed.

He explained:

“More significantly, this is not limited to XRP now. The same mechanism can be used to migrate other coins onto Binance Chain, where they can experience non-custodian trading that was not possible before.”

Currently, the only way to off-board XRP-BF2 is through Binance’s trading platform, however, the exchange is working toward integrating additional swap channels through partner crypto wallets.

Earlier this week, Binance revealed it was adding peer-to-peer crypto payments via Alipay and WeChat, two of the most widely-used messaging platforms in mainland China. However, the trades are only supported with the Chinese yuan (CNY).

Omar Faridi

I enjoy writing about all topics related to Bitcoin, Blockchain, and other cryptocurrencies. The topics that interest me most are crypto regulations, quantum resistant blockchains, Ethereum and Bitcoin Core development, and scams orchestrated under the guise of ICOs. My academic background includes an undergraduate degree in Computer Science, with a minor in Mathematics from the University of Nevada, Las Vegas. I also possess a Master of Science degree in Psychology from the University of Phoenix. While completing my coursework, I engaged in independent study programs focused on public-key cryptography and quantum computing. My professional work experience includes working as an application developer for the University of Houston, data storage specialist at Dell EMC, and as Teacher of Mathematics in the United States, China, Kuwait, and Pakistan.