Binance DEX in Listing a BCH-Pegged Token

Binance DEX recently received a proposal from the CEO and founder of major cryptocurrency exchange Binance Changpeng Zhao (CZ). He proposed to list a token pegged to Bitcoin Cash (BCH) on Binance DEX.

In the post in the official Token Issuance & Listings of Binance on October 17, CZ suggested to lit BCH-1FD, a pegged token tracking the value of the native asset of the Bitcoin Cash. And it also wants to give a token pegged BCH value for trading on Binance DEX. It reads, “In 2017, the Bitcoin community split into two: BTC and Bitcoin Cash (BCH). BCH is a peer-to-peer electronic cash system.”

Moreover, CZ indicated that Binance would provide conversion of BCH and BCH-1FD through deposit or withdraw. Also, there is not much improvement in the token or any potential of conflict of interest.

In the proposal, the user can swap the token for native BCH on Binance.com. Recently, the total circulating supply of BCH-1FD sums up to 5,000 BCH. However, this can become more in the future.

The post declared, “BEP2 BCH is mintable, and the total supply will increase as market demands. All the issued BEP2 BCH will be backed 1:1 by native BCH sitting in a publicly disclosed reserve address that can be monitored by anyone at all times.”

Bitcoin Price

Elsewhere, on October 17, Bitcoin is hovering just over the $8,000 price mark. Then, XRP shows strong gains on the day. All the top 20 coins are displaying positive gains in the range of 1 to 4%. And XRP took the lead as the top performer.

Recently, notorious crypto skeptic Nouriel Roubini admitted that Bitcoin is a partial store of value. However, he swiftly followed up his comment with further criticisms. He stated, “Maybe Bitcoin is a partial store of value, but it’s not a unit of account. It’s not a means of payment. It’s not scalable.”