Binance DEX, Binance's decentralized exchange, has just announced it plans to launch a token linked to Bitcoin Cash.
According to the information provided by the platform through its special section about future listings, Binance DEX will soon add the BCH-1FD, a token that tracks the value of Bitcoin Cash.
The company says "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."
Changpeng Zhao, Binance's CEO, has said the exchange will allow BCH and BCH-1FD to be converted through deposits/withdrawals. As a result, "there will not be a lot of development work to be done or any potential of conflict of interests."
The total circulating supply of the BCH-1FD is 5,000 BCH, however, it could be increased in the future.
Last month iHodl reported that Binance had acquired a crypto derivatives platform.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.