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.
This was suppose to be announced a bit later. But such is the nature of blockchain project, #transparency. Can't hide anything.— CZ Binance (@cz_binance) October 3, 2019
Well, there you go, #XRP (on chain pegged) on #BinanceChain and @Binance_DEX.
Guess which flood gates this opens up? https://t.co/Mxpm5jZCfz
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.
absolutely.— CZ Binance (@cz_binance) October 4, 2019
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.
This opens up the flood gates to massive garlinghouse dumpings and advertisement of a non-crypto on a crypto exchange....— Grinding Poet (@GrindingPoet) October 3, 2019
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.
Soon, soon.— CZ Binance (@cz_binance) October 3, 2019
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.
Have you ever asked for more trading pairs against #XRP?— CZ Binance (@cz_binance) October 4, 2019
Native XRP does not have direct trading pairs (especially on any non-custodian DEX) for say, BTC, BNB, MATIC, etc. Well, now it does.
However, after the recent cases of freezing crypto payments, some in the crypto community seem to be disappointed in BitPay crypto payment provider.