Binance DEX, the decentralized exchange developed on top of the Binance Chain blockchain, today announced its listing of a Bitcoin Cash (BCH) token.
Pegged to BCH value, the BCH-1FD tokens issued on Binance Chain are tradeable on Binance DEX, providing more trading options for DEX users with full custody over their wallets and assets.
Binance will provide the initial conversion between BCH and BCH-1FD through deposits/withdrawals on Binance.com. More swap channels will be provided on Binance Chain’s partner wallets soon. As of October 21, 2019, a BCH/BNB trading pair is available for trading on Binance DEX.
5,000 BCH-1FD tokens have been issued on Binance Chain, making BCH the third BEP-2 token issued by Binance following BTCB, a BTC-pegged stable coin, as well as an XRP-anchored token.
“The BCH community is one of the strongest crypto communities, and we’re excited to onboard BCH token onto Binance Chain. The BEP-2 BCH token will be pegged to the native BCH asset. BCH holders can enjoy the seamless token swap experience on Binance.com and non-custodian trading on Binance DEX. ”
– Binance CEO, Changpeng Zhao
BCH-1FD aims to increase the interoperability between different token assets and further enlarge the utility value of Binance DEX. The listing of BCH-1FD will introduce more liquidity in the crypto markets and more financial accessibility to Binance users.
BCH-1FD is mintable, and the total supply will increase as market demands. All the issued BCH-1FD token will be backed 1:1 by native BCH sitting in a publicly disclosed reserve address.