Binance, the Changpeng Zhao-led cryptocurrency exchange, has been on an uptrend recently with respect to terms of updates and developments.
The latest release from the company is the launch of the BTCB, which aims to provide a token pegged to BTC’s value for trading on Binance DEX, with asset backing guaranteed by Binance. This balance will be publicly verifiable on the blockchain.
In an AMA with CEO Changpeng Zhao, CZ spoke about what the company plans to achieve with the BTCB project. He claimed that Binance aims to provide an option for Binance DEX users to trade BTC for a wide array of tokens on Binance DEX. With this new addition, it is easier for experienced traders and users to discover the prices of digital assets.
The CEO further revealed that the company is en route to listing BTCB assets on Binance DEX soon. In CZ’s words,
“BTCB aims to movie to increase the interoperability between different token assets and further enlarge the utility value of Binance DEX. It is not a profit driven project at all for Binance, but to help the Binance Chain community.”
CZ added that the blockchain will provide an easier way to audit a cryptocurrency reserve, rather than a traditional bank link. The news comes in the wake of several developments in the Binance DEX, as well as the Binance token.
The primary use case of the token is that holders will be able to trade BTC and create more trading pairs. One key point from the AMA was CZ revealing that the total supply of the BTCB token will end with 9001. The number is relevant because on June 17, CZ had tweeted and announced a transfer of 9001 BTC, asking users to not panic.
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