Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. Since early 2018, Binance is considered as the biggest cryptocurrency exchange in the world in terms of the trading volume.
They are launching a bitcoin-pegged token for trading called BTCB. That will be traded on Binance and proposed for trading on Binance DEX.
A trading pair will be created on Binance.com between the pegged token and the native coin, e.g., BTCB/BTC.
The main benefit of offering crypto-pegged tokens is that, obviously, this makes available to Binance DEX traders the many coins that have their own blockchains and aren’t native on Binance Chain. With the increase in the selection of tokens available on Binance DEX, there should be an increase in trading volume and liquidity, This would further increase the utility value of Binance DEX.
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. Compared to fiat tethering, crypto can provide a high degree of transparency so that anyone can audit the reserves publicly, any time they want.
For BTCB, the BTC-pegged token on Binance, the BTC reserve address is: 3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb
We have just reserved 9001 BTC and minted 9001 BTCB. https://explorer.binance.org/asset/BTCB-1DE
A trading pair on Binance.com for BTCB/BTC will follow in a day or so, and we will issue a proposal for DEX listing as well.