Binance DEX Adds XRP-Pegged Token For Circulation and Trading Pairs

  • Binance DEX has announced the launch of an XRP-pegged coin for circulation and trading.

The decentralized platform for leading crypto exchange Binance has announced the launch of an XRP-pegged token on Binance Chain, called XRP-BF2.

On Oct. 3, Binance CEO Changpeng Zhao announced the launch of a new token, pegged to the value of XRP. 

Community members were first made aware of the development after a twitter user discovered the XRP-pegged token, called XRP-BF2 on Binance’s DEX explorer. 

According to DEX explorer, the new token will have a total supply of 10 million and be available via Binance’s decentralized platform, Binance DEX. 

Some users were quick to point out that the creation of an XRP-pegged token was tantamount to introducing more XRP into circulation, creating inflation. 

However, Zhao responded that while the token will be available for circulation, it’s primary function is to create direct trading pairs for XRP on DEX and other exchanges. In addition, by using DEX, XRP holders can trade directly from their hardware wallet.

The addition of an XRP-pegged coin to Binance DEX comes just days after Chainalysis, a leading crypto analytics firm, announced that it would be adding XRP support within the next three months. 

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