Earlier this year, Binance, the leading global cryptocurrency exchange and ecosystem, launched Binance DEX, a decentralized exchange running on the Binance Chain. In just a few much, Binance DEX has become the world’s largest decentralized exchange. CEO Changpeng Zhao aka CZ said with no central custody of funds, Binance DEX offers far more control over your own assets.
The launch couldn’t come any sooner because in May of this year, even the best and largest crypto exchange in the world got hacked. Binance called the attack a “large-scale security breach,” in which hackers stole 7,000 bitcoin which was about $40 million.
In an effort to boost the selection of tokens available for trading on Binance DEX, their newest token, the XRP-BF-2, backed by real XRP tokens was announced.
However, this isn’t about just giving XRP a Binance Chain wrapper. Ultimately, this is a necessary step to supporting XRP-backed pairs on Binance’s decentralized exchange. It’s unclear now which trading pairs will be supported given that the XRP-BF2 token is still in ‘testing.’
Binance has ported other cryptocurrencies to its chain in the past, as well. Most notably, BTCB was recently minted which represents BTC on Binance Chain. Each BTCB is backed by real BTC.
Binance claims that, by porting major cryptocurrencies onto Binance Chain, the ecosystem for its decentralized exchange (DEX) becomes that much larger. This way, you can trade BTC directly on Binance Chain rather than needing to go elsewhere.
Recently the price on Binance breached the weekly demand at $16.50,
and in the process formed weekly supply at $23.00. Thus, the chart suggest price is headed lower at least to the daily demand at $9.00.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.