The popular and recognized cryptocurrency exchange Binance has just launched the BTCB coin on its trading platform. The trading was opened at 8:00 AM (UTC) and the trading pair available is BTCB/BTC. This is according to a recent announcement made by Binance.
Binance Adds Support to BTCB
A few days ago, Binance introduced a new Bitcoin-pegged token that is based on the Binance Chain and is called BTCB. This virtual currency is expected to be traded on Binance and on the Binance DEX, the decentralized exchange created by the company.
This is just the first crypto-pegged token that is expected to be traded in Binance exchange platforms. Binance explained that pegged tokens such as BTCB are going to be 100% backed by the native coin in reserve. In this case, BTCB will have the same amount of Bitcoin behind to make sure it remains pegged to the price of BTC.
At the moment, the exchange informed that they will be issuing 9,001 BTCB.
About it, Binance wrote:
“Bitcoin BEP2 (BTCB) is a token on Binance Chain issued by Binance, where the price is pegged to BTC at a rate of 1 BTCB = 1 BTC. BTCB is 100% backed by the same amount of BTC in our public reserve address below. This address is fully transparent for anyone to audit at all times. We will begin by issuing 9,001 BTCB”
According to data provided by CoinMarketCap, BCTB/BTC is the 154th most traded pair on the Binance exchange with a trading volume in the last 24 hours of over $880,000.
The intention behind the launch of this Bitcoin-pegged token is to allow users to exchange it on the Binance DEX that is based on top of the Binance Chain network. Both Binance Chain and the Binance DEX were released to the market earlier this year in April. This was a very important milestone for Binance that is trying to expand its services beyond its traditional centralized crypto exchange platform.
Moreover, the firm is also encouraging clients to issue pegged tokens of their own coins on the Binance Chain, which could facilitate a pegged/native trading pair on the Binance DEX. However, they informed that a place on the Binance DEX is not guaranteed.
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