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Binance is world’s top cryptocurrency exchange by trading volume. The company has announced the listing of XRP-backed digital token XRP-BF2 on its decentralized exchange Binance DEX.

This marks the second crypto-pegged token issued by the exchange on its native Blockchain, Binance Chain. To date, they have minted over 10,000,000 XRP-BF2 tokens. In addition, it will allow DEX users to exchange “countless more coins and tokens with full custody over their funds and wallets,” an official announcement says.

“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,” Changpeng “CZ” Zhao, founder and CEO of Binance said.

More XRP Liquidity in the Market

Moreover, the giant exchange is optimistic that the listing on the decentralized exchange (DEX) will increase the liquidity of Ripple token in the market. Additionally, it will also increase financial accessibility to the DEX users.

Moreover, Binance is also set to provide swapping services between XRP and XRP-BF2. This will support both deposits and withdrawals. Additionally, the exchange will open more swapping channels on partner wallet platforms.

Zhao added:

“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… With no trading involved, it is always 1:1, there is no spread, no slippage, no fees. 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.”

In Conclusion

Binance launched its decentralized exchange back in April. However, the exchange is blocking access to the platform to individuals from 29 countries. These countries include the United States due to regulatory concerns. Furthermore, Binance enabled fiat deposits on its platform through AliPay and WeChat payment networks. However, AliPay later confirmed it will disable all such payment attempts.