- Users can easily convert between BCH and BCH-1FD through deposits and withdrawals.
- The total circulating supply of BCH-1FD equals 5,000 BCH.
Cryptocurrency exchange giants, Binance, is all set to list Bitcoin Cash (BCH) on the platform’s decentralized arm Binance DEX. As per Binance CEO and founder Changpeng Zhao(aka “CZ”), they are already working on listing the token. According to a post in Binance's official “Token Issuance & Listings” section, CZ claims “to list BCH-1FD, a pegged token that tracks the value of the native asset of the Bitcoin Cash.” The corresponding “one-sentence pitch” reads:
“BCH-1FD aims to provide a token pegged to BCH value for trading on Binance DEX. In 2017, the Bitcoin community split into two: BTC and Bitcoin Cash(BCH). BCH is a peer-to-peer electronic cash system.”
CZ states that Binance will act as a platform where users can easily convert between BCH and BCH-1FD through deposits and withdrawals on Binance.com. As such, “there isn’t much development work in this token or any potential of conflict of interest,” Zhao concluded. Currently, the total circulating supply of BCH-1FD equals 5,000 BCH, which may increase in the future. The post states:
“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.”
In addition to the BCH-1FD project, CZ also plans to list two new trading pairs, Bitcoin (BTC)/BUSD and XRP/BUSD, with Binance USD (BUSD) stablecoin on the DEX.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.