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Binance launches Bitcoin-based tokens on its own Blockchain

Binance DEX has opened the trading for Bitcoin BEP2 (BTCB) and a BNB/BTCB-Trade quoted. The decentralized trading platform will soon bring you more tokens, whic

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Binance launches Bitcoin-based tokens on its own Blockchain

Binance DEX has opened the trading for Bitcoin BEP2 (BTCB) and a BNB/BTCB-Trade quoted. The decentralized trading platform will soon bring you more tokens, which are covered 100% by native Coins. The crypto reserves, the Token will be for everyone on the Blockchain to see.

Brigitte Bernhardt
19. June 2019BTC$9.105,00 -0.21%part Facebook Twitter LinkedIn xing mail

The trading platform Binance DEX is the decentralized variant of Binance, one of the world's largest crypto stock exchanges. In contrast to the "normal" Binance Exchange the cash in Binance DEX stay in your own Wallet. Therefore, the responsibility for the Coins to one hundred percent of the User. Appropriate care is advised when Storing Private Keys and passwords.

The DEX is based on a separate Blockchain, the Binance Chain. At the end of the Binance Coin (BNB), originally a ERC20-Token, so originally the Ethereum runs now-Blockchain related.

Binance: Own Blockchain, its own tokens

Now, the crypto-exchange has brought a new Token on its own Blockchain, which is tied to Bitcoin (BTC). This is the company announced on 17. June on his Blog known. The Token that is running under the name of Bitcoin BEP2 (BTCB), is bound with a Rate of 1 BTCB = 1 BTC to Bitcoin. Binance has announced the reserve address on his Homepage. The address is at all times and accessible to everyone. With the disclosure, the Exchange will allow investors to check the crypto reserves, what is conventional Bank deposits not the case.

How to read on Twitter, wants Binance begin with the issue of 9.001 BTCB, and therefore has the corresponding Bitcoin amount provided:

soon will be a Transfer of 9.001 BTC – no reason for FUD. It's for a good cause, Details to follow.

BTCB is both on the main platform as well as on the DEX available. In the future, are expected to follow, according to the announcement of Binance more tokens, each of which is tied to a crypto currency. Furthermore, the company intends to issue of Stable Coins on the Blockchain.

Decentralized Exchange with a Central approach

The main advantage of crypto-based Token is according to the Bitcoin exchange is that this provides the Binance-DEX-dealers in Coins that have their own blockchains. With the rising selection of tokens that are on the DEX available, should increase the trading volume and liquidity. This would increase the utility of the DEX more. The stock exchange, admitted on her blog post that this approach the user is more Central than Atomic Swaps, but for the trader-friendly.

However, the Binance Coin (BNB) highly experiences with a price of around 30 Euro at an all-time. This is no other Altcoin since the record highs in the Winter of 2017/2018.

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