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XRP-Backed Coin to Be Launched on Binance DEX, Along with Bigger Number of Native XRP-Based Pairs

  • Yuri Molchan
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    Binance DEX plans to launch an XRP-pegged coin on its ledger along with more native XRP-based pairs to be offered for trading

XRP-Backed Coin to Be Launched on Binance DEX, Along with Bigger Number of Native XRP-Based Pairs
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The third-largest coin by market cap, XRP, is becoming more and more popular, despite its low price that fails to grow so far.

As Ripple is landing new partners for the actual use of this asset, the decentralized exchange launched by Binance recently decided to launch an XRP-backed coin on Binance Chain as part of the plan to create assets pegged to top cryptocurrencies announced in June.

Besides, Binance DEX intends to offer more pairs with native XRP to traders.

The news of the XRP-backed coin, apparently, was going to be revealed later but CZ Binance said that he is announcing it now due to the policy of transparency.

XRP-backed coin on Binance Chain

Binance announced its initiative to create their own coins pegged to some of the top crypto assets on Binance Chain. One has already been launched, a Bitcoin-pegged one – BNTB.

Here’s what Binance says about these coins:

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.

Now, after Bitcoin, the crypto trading giant is going for XRP which will definitely please XRP lovers.

Part of the ‘XRP army’ is unhappy about regular XRP releases from escrow and dumps, though. One of those users stated his opinion clearly, saying that Binance launching such an asset would provide more reasons for further XRP dumping since the new coin will have to be 100 percent backed by XRP reserves of Binance.

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So far, the new coin, XRP-BF2, is going through trials. Binance Chain is likely to launch coins backed by other top-ten coins as well in the future. One of them could be Stellar Lumens.

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More XRP-based pairs on Binance Chain

CZ Binance has also promised to add more trading pairs with native XRP on Binance DEX.

Earlier, U.Today reported that XRP now is going to receive a much wider exposure to retail users as Ripple has partnered with BitPay. The latter will add an XRP payment option by the end of the year.

However, after the recent cases of freezing crypto payments, some in the crypto community seem to be disappointed in BitPay crypto payment provider.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
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Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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