Binance, one of the world's largest cryptocurrency exchanges, issues a bitcoin-secured token that is fully tied to Bitcoin kept at the exchange's backup addresses. The announcement was made in the company blogthe company's blog.
Binance will issue a number of crypto-pegged tokens on Binance Chain in the coming days, starting with $BTCB, a BEP2 token pegged to $BTC.
According to the developers, the first BTCB coin of the BEP2 standard is ready for the launch. The token will be provided with 100% Bitcoin backing with the addresses of the reserves to be open for audits. The CEO of Binance, Changpeng Zhao stated that 9,001 BTCBs have already appeared.
BTCB will be available for trading in the pair BTCB-BTC on the main Binance platform and then can be transferred to Binance DEX.
The developers expect that the new asset will be a catalyst for the growth of liquidity and trading volume on the platform.
"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."
It should be mentioned that BTCB listing returns on Binance DEX are also under consideration. Moreover, Binance has plans to release other cryptocurrency-related tokens in the future.