XRP backed Binanace Coin Launched on Binance DEX

By HowToVids | Crypto Blockchain News | 5 Oct 2019


It's not new that the companies add new features or launch new services according to the market demand or for the benefit of the customer or to attract new customers and grow the business. Sometimes this activity is done by the individual business and sometimes two or more companies collaborate and launch new services. In the same way, Binance launched a coin on Binance Chain backed with XRP.

Binance said About this coin “Pegged tokens such as BTCB, are 100% backed by the native coin in reserve, which is Bitcoin (BTC) in BTCB’s case. The reserve addresses are published for anyone to audit. The blockchain offers a much easier way to audit a crypto reserve than a traditional bank balance tether.”

Companies CEO Said “The supply would still be ‘in circulation’, just on the Binance Chain. They should be actively used for trading. Nothing changes from the supply perspective. Demand should increase though as there is more use-case/trading going on.”

More Binance said about this coin “The main benefit of offering crypto-pegged tokens is that, obviously, this makes available to Binance DEX traders the many coins that have their own blockchains and aren’t native on Binance Chain.

With the increase in the selection of tokens available on Binance DEX, there should be an increase in trading volume and liquidity, This would further increase the utility value of Binance DEX.”

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