Binance to Add Bitcoin Cash to Its Decentralized Exchange

Binance to Add Bitcoin Cash to Its Decentralized Exchange
фото показано с : news.bitcoin.com

2019-10-17 13:20

Already widely available for trading across the world, bitcoin cash continues to expand into new markets and platforms. The latest venue where users can soon exchange the cryptocurrency is Binance’s decentralized exchange. The system will feature a token pegged to BCH issued on Binance Chain.

Also Read: Binance Launches Peer-to-Peer Trading in China

Binance DEX to List Bitcoin Cash Pegged Token

The head of the world’s largest crypto exchange by volume, Changpeng Zhao, has proposed adding support for trading bitcoin cash on the decentralized exchange developed on top of Binance Chain. This will be done by listing a new token on the DEX (BCH-1FD), which is backed by real BCH assets and issued on Binance Chain. Bitcoin cash will thus become only the third cryptocurrency chosen to be added to the platform, following a BTC-pegged token which was issued in June and another tracking the price of Ripple’s XRP which was launched last Thursday.

The BCH-1FD is a token pegged to the BCH value and will be available for trading on the DEX, designed to allow users to exchange coins and tokens with full custody over their funds and wallets. The exchange’s plan is to issue about $2 million worth of the BCH-pegged tokens to be traded at first and it will continue to mint more in response to market demands. Users can swap native DEX tokens for the assets they are pegged to without slippage on the company’s main exchange.

“The BCH community is one of the strongest crypto communities, and we’re excited to collaborate with them on migrating BCH token onto Binance Chain.” said Binance CEO Changpeng Zhao. “The BEP-2 BCH token will be pegged to the native BCH. BCH holders can enjoy the seamless token swap experience on Binance.com and non-custodian trading on Binance DEX after the listing proposal is approved by the Binance Chain community.”

Decentralized Crypto Trading Is on the Rise

Centralized exchanges currently dominate the crypto ecosystem in terms of trading volumes, but many would like to see a transition to decentralized alternatives to eliminate third party custody. So far DEXs have suffered from low liquidity and long onchain order execution times as well as poor UX. Binance DEX is meant to change that, with an interface that resembles the company’s popular main exchange, and short block times ensuring trades are settled rapidly. Already many crypto projects have chosen to join Binance Chain and want to have their tokens listed on its DEX.


Another trend away from centralized exchanges that Binance supports is peer-to-peer trading. The company recently launched P2P trading functionality in China with BTC, ETH and USDT for trading against CNY (Chinese Yuan). The feature reportedly supports traders making transactions between themselves while using the widely-used Chinese payment apps Alipay and Wechat Pay.

What do you think about Binance listing a bitcoin cash pegged token on its decentralized exchange? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.

The post Binance to Add Bitcoin Cash to Its Decentralized Exchange appeared first on Bitcoin News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Safe Exchange Coin (SAFEX) на Currencies.ru

$ 0.0054306 (-0.25%)
Объем 24H $1.742k
Изменеия 24h: 1.41 %, 7d: -8.63 %
Cегодня L: $0.0053635 - H: $0.0055227
Капитализация $6.099m Rank 99999
Доступно / Всего 1.123b SAFEX

binance exchange bitcoin decentralized cash add trading

binance exchange → Результатов: 126


Binance Halts New User Registrations In The UK Starting October 16

In a significant development, Binance, the world’s largest cryptocurrency exchange, announced the suspension of access to its platform for new users in the United Kingdom.  According to a Bloomberg report, the move comes after the termination of a partnership with a third-party firm responsible for approving communications on the exchange, as mandated by the UK’s […]

2023-10-17 04:00


Фото:

Binance introduces community feedback tool in its Roadmap development

Binance, the largest cryptocurrency exchange, has launched a new tool that will allow it to gather and act on user feedback in a dynamic fashion. Besides allowing the crypto exchange in understanding what products need improvement, the new feature empowers Binance users to provide in-depth feedback on the exchange’s product improvement.

2023-2-3 18:53


How To Transfer Crypto From Binance, Coinbase to BTCC Exchange

MPORTANT WARNINGS Trying to deposit a non-supported token may result in the loss of tokens. Send a small test amount first Beware when choosing the network which you want to use for sending crypto Send coins from Binance to BTCC – Withdrawing coins from Binance Binance is the biggest exchange in the world, and it […] The post How To Transfer Crypto From Binance, Coinbase to BTCC Exchange appeared first on CaptainAltcoin.

2022-7-28 22:20


Binance Jersey Review 2022 – Beginner’s Guide to the new Fiat-Crypto Exchange

There’s not much we can say about Binance that hasn’t been said before; with hundreds of currencies on their portfolio, a native exchange token that remains resilient to bear markets, never-before hacked security measures, an OTC trading desk, an in-house built wallet, and a launchpad for up-and-coming blockchain projects, the platform is currently one of […] The post Binance Jersey Review 2022 – Beginner’s Guide to the new Fiat-Crypto Exchange appeared first on CaptainAltcoin.

2022-3-22 23:42