Binance set to launch tokens pegged to Bitcoin (BTC)

The world’s largest exchange by traded volume, Binance, are set to introduce tokens which will be pegged to leading coins.
It will allow Binance to create versions which are native to its DEX, facilitating trading of those assets of the decentralized exchange.

Ken Chigbo Independent Analyst

The world’s leading Binance set to launch new versions of tokens with will be pegged to Bitcoin (BTC), and in the future, introduce with other leading coins.

Binance are introducing this to facilitate the trading of BTC and other leading coins on its Binance DEX – decentralized exchange.

The reason for pegging assets to other coins is the need to trade BTC and other leading coins on Binance DEX, the decentralized marketplace.

Binance commented on the update and said:

The main benefit of offering crypto-pegged tokens is that, obviously, this makes available to Binance DEX traders the many coins that have their own blockchains and aren’t native on Binance Chain. With the increase in the selection of tokens available on Binance DEX, there should be an increase in trading volume and liquidity.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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