Changpeng Zhao proposes to list a BCH-Pegged Token on Binance DEX
- 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.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
