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Binance is about listing BCH pegged token on its exchange platform, Binance DEX. The news is coming from Changpeng Zao (CZ), the Binance CEO.
According to him, the largest crypto exchange is preparing to list the token on the 17th of October. The Bch-1FD, as Bitcoin’s cash-pegged version, would check the real value of the native bitcoin version on the platform.
The development is an interesting one, as the Binance website stated that the peer-to-peer cash system would monitor the progress of the BTC in the market. The bitcoin community divided into BTC and bitcoin in 2017.
Second BTC-pegged token within the year
Binance offered its first BTC pegged token in June this year. The crypto exchange company is striving to bring the freedom of money to the investing public.
Presently, the Binance chain has minted about 10 million XRP-BF2. It is the second BTC-pegged token the company is issuing within the year.
As Binance DEX lists XRP on its platform, the crypto market has seen more financial accessibility and improved liquidity for users.
All these efforts have helped the premium crypto exchange company to become the major financial infrastructure that supports crypto investors.
The cash-pegged token will give users more freedom on how they want to trade, spend, or invest their money.
Binance poised to improve user’s trading experience
With the exchange proposal by Binance, users are now able to exchange their local BTC token with the cash-pegged ones on its website.
The development provides more freedom for the users.
The statement reads that Binance will provide services via the BCH that will convert bitcoin into BCH FD through the withdrawal/deposit service offered in the Binance platform.
The exchange service said there is little development work in the token.
How users will work with the new token
From the announcement, it means that users holding the BCH-1FD are now allowed to convert it into BCH on the exchange’s site.
However, the token is very few in supply, but there are plans to increase the current 5,000 BCH available.
Soon, users will be able to convert much more than this number, but it will take a gradual process, the exchange company explains.
As the company explains, it will be able to increase the market supply of the token as the market for it expands since it’s mintable.
Currently, the cash-pegged BCH has a value of 1:1 with native BCH, and users can easily monitor the value at any time.
CZ mentioned in a report that the company does not have any explanation of the recent fall of the BNB by more than 50%.
But he insisted that the value had already bounced back, and the market projection for the rest of the year is looking favorable.
CZ reiterated Binance’s desire to make transactions easier for its customers.