The largest by adjusted trading volume cryptocurrency exchange Binance has announced that its decentralized exchange Binance DEX will add support XRP (XRP-BF2).
The XRP-BF2 token is a token pegged to XRP value and issued on Binance Chain. It will allow DEX users to exchange "countless more coins and tokens with full custody over their funds and wallets," an official announcement states.
As of October 10, 2019, an XRP/BNB trading pair is open on Binance DEX and available for trading.
Binance CEO Changpeng Zhao claims all XRP issued on Binance Chain will be backed 1:1 by native XRP sitting in a publicly disclosed address that "can be monitored by anyone at all times."
"The swapping experience is optimized to be as easy as possible. When users withdraw XRP on Binance.com, they can choose either native XRP or the Binance Chain XRP. With no trading involved, it is always 1:1, there is no spread, no slippage, no fees. More significantly, this is not limited to XRP now. The same mechanism can be used to migrate other coins onto Binance Chain, where they can experience non-custodian trading that was not possible before," Changpeng added.