Binance will launch a new token that will be physically backed by Ripple tokens (XRP) and will be included in the new blockchain of the world’s largest crypto exchange Binance Chain.
A user named Lukas Bydzovsky (@LukasBydzovsky) who was snooping in Binance Chain found and captured the moment when tokens called “XRP-BF2” were created while still being tested, all this reaffirms the importance of public Blockchains, where any Person with minimum knowledge in the subject has access to all the information stored in it.
As seen in the block explorer so far, more than 10 million “XRP-BF2” tokens have been created in Binance Chain, physically backed by 10 million Ripple (XRP).
In response, the famous, very open CEO and founder of Binance Changpeng Zhao (CZ) quickly announced that the largest and most important crypto exchange will issue a new token.
“The new token is designed to be launched in the decentralized crypto exchange Binance DEX, through it users will have the opportunity to invest and trade in this important active crypto such as Ripple (XRP).”
On the other hand, it is not just about giving XRP a “Wrap Token” in Binance Chain, but this is a necessary step to admit more commercial peers backed by Ripple (XRP) in the decentralized crypto exchange of Binance DEX.
The truth is that this is not the first time that Binance does this, the new Ripple token within the Binance Chain is part of a much larger project than today is the largest and most famous crypto exchange of all.
Binance issued a Wrap Token in June that represents the value of Bitcoin (BTC) called “BTCB”, and has the same characteristics as that of XRP, a token included in the Blockchain of the crypto exchange, physically backed by BTC tokens, and with a value that represents 1: 1 with Bitcoin.
The Binance DEX team has pointed out that adding more Wrap Token to the Binance Chain is important so that Binance’s new decentralized crypto ecosystem becomes bigger, safer and with much more diversity. Besides this way you can trade directly within the Binance Blockchain instead of having to go to another non-decentralized platform.