Binance DEX Prepares to List a BCH-Pegged Token

Publicado en by Cointele | Publicado en

Changpeng Zhao, CEO and founder of major cryptocurrency exchange Binance, has proposed to list a token pegged to Bitcoin Cash on Binance DEX, the platform's decentralized counterpart.

"BCH-1FD aims to provide a token pegged to BCH value for trading on Binance DEX. In 2017, the Bitcoin community split into two: BTC and Bitcoin Cash(BCH). BCH is a peer-to-peer electronic cash system."

In the paragraph regarding BCH-1FD's team size and whether some contributors are involved in other crypto projects, CZ noted that Binance will provide conversion between BCH and BCH-1FD through deposit/withdraw.

"There isn't much development work in this token or any potential of conflict of interest," Zhao concluded.

Per the proposal, users will be able to swap the token for native BCH on Binance.com.

"BEP2 BCH is mintable, and the total supply will increase as market demands. All the issued BEP2 BCH will be backed 1:1 by native BCH sitting in a publicly disclosed reserve address that can be monitored by anyone at all times."

Parallel to his BCH-1FD project, CZ also proposed to list two new trading pairs with Binance USD stablecoin on the DEX: Bitcoin/BUSD and XRP/BUSD. As Cointelegraph reported previously, CZ had recently stated that the reasons why Binance Coin dropped over 50% from its all-time high in June do not "Make much sense."

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