Binance, the worlds largest crypto-exchange by market volume, recently made an announcement which should make the Bitcoin Cash community happy. In a recent Binance community post, Changpeng Zhao, CEO of Binance, proposed the listing of BCH-1FD, a token that would be pegged with Bitcoin Cash.<\/p>\n
The proposal was put forward to add support for Bitcoin Cash trading on top of the Binance Chain. Bitcoin Cash is only the third crypto-asset to be chosen for the platform after a Bitcoin-backed token was issued in June earlier this year. An XRP-tracking token was later announced by Binance on 11 October.<\/p>\n
Binance has claimed that the current listing is aimed at increasing interoperability between different assets, while improving the overall utility aspect of Binance DEX. Binance will initially issue a net worth of $2 million BCH-tokens and the exchange will continue issuing more tokens in accordance with market demands. The issued BEP2 BCH will be backed 1:1 with native BCH tokens and it will be placed in a disclosed reserved address that can be accessed and monitored round the clock by anyone in the community.<\/p>\n
CEO CZ welcomed the announcement and stated,<\/p>\n
The BCH community is one of the strongest crypto communities, and were excited to collaborate with them on migrating BCH token onto Binance Chain.The BEP-2 BCH token will be pegged to the native BCH. BCH holders can enjoy the seamless token swap experience on Binance.com and non-custodian trading on Binance DEX after the listing proposal is approved by the Binance Chain community.<\/p>\n
Bitcoin Cash was in the news recently after its proponent Roger Ver recently mentioned that Bitcoin Cash will soon resonate with the functionality of a stablecoin too. He stressed that with BCH, users will be able to pay the interest thats acquired on the fiat currency in the bank, directly on-chain to all the stablecoin holders in the network via a new tool introduced on the BCH network.<\/p>\n
<\/p>\n
Continue reading here:<\/p>\n
Binance announces listing of BCH-pegged tokens on Binance Chain - AMBCrypto<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Binance, the worlds largest crypto-exchange by market volume, recently made an announcement which should make the Bitcoin Cash community happy. In a recent Binance community post, Changpeng Zhao, CEO of Binance, proposed the listing of BCH-1FD, a token that would be pegged with Bitcoin Cash Continue reading