Binance will issue a Bitcoin-backed token

The token will be based on BEP2 standard.
The crypto exchange plans to issue several such assets to improve liquidity and increase the trading volumes.

Tanya Abrosimova Independent Analyst

The largest cryptocurrency exchange by trading volumes, Binance will issue several tokens backed by cryptocurrencies on its proprietary blockchain. BTCB will be the first in the row. The token will be based on BEP2 standard.

"Binance will issue a number of crypto-pegged tokens on Binance Chain in the coming days, starting with $BTCB, a BEP2 token pegged to $BTC. Which other tokens would you like pegged on Binance chain?@ the company announced in the official Twitter account.

BTCB will hit the market in the coming days. It will be 100% backed by "digital gold" while the addresses of the reserves will be made public for auditing purposes, according to the announcement published in Binance blog.

Speaking about the benefits of the new type of asset, the company said:

"The main benefit of offering crypto-pegged tokens is that, obviously, this makes available to Binance DEX traders the many coins that have their own blockchains and aren’t native on Binance Chain. With the increase in the selection of tokens available on Binance DEX, there should be an increase in trading volume and liquidity, This would further increase the utility value of Binance DEX.

To date, Binance has already issued 9001 BTCB coins. Once the new token goes live, BTCB/BTC will be addeed to Binance.com. The new token will increase liquidity and allow for the trading volume growth on the exchange. In addition, the company is exploring the feasibility of listing BTCB on its non-custodial platform, Binance DEX.

Author

Tanya Abrosimova

Independent Analyst

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