“The blockchain offers a much easier way to audit a crypto reserve than a traditional bank balance tether.”
The token will be traded against BTC on BINANCE and will allow users to exchange BTCB for the native asset to which it is pegged. The post went on to elaborate over creating cryptocurrency-pegged tokens on the Binance Chain, asserting that Binance DEX users will get access to tokens that have their own blockchains and are not on the Binance Chain.
Binance further adds that an increased selection of tokens on the decentralized exchange will subsequently increase the volume and liquidity. Though the exchange also admitted that such an approach compromises decentralization:
“While this approach is more centralized than atomic swaps, we believe it provides a higher degree of ease-of-use to most traders. And most traders are already trusting Binance.com to hold their funds anyway.”
Binance CEO Changpeng Zhao, tweeted on 17th June announcing that the exchange was about to move 9,001 BTC.
There will be a transfer of 9001 BTC soon, no need to FUD. It's for a good thing, details to follow. Waiting for whale_alert.
— CZ Binance (@cz_binance) June 17, 2019
A few hours later, Zhao posted a confirmation about the transferred funds are meant to back its bitcoin-backed token:
It's over 9000! https://t.co/vauQtRzWeL
— CZ Binance (@cz_binance) June 17, 2019
Binance DEX announced at the beginning of June to block website access to users based in 29 countries, including the United States. The exchange also announced a collaboration with the FinCEN registered-BAM Trading Services Inc., recently, wherein the duo will launch special trading services the United States users. Dubbed as the Binance.US, it is aimed at bringing “security, speed, and liquidity of Binance.com” to users in North America, as stated by CEO Changpeng ‘CZ’
Read more:Bloomberg Report: UK Interdealer Broker TP ICAP Will Sell CME’s Bitcoin Futures
Image Source – Binance Twitter
