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Binance Founder Proposes to Add Token Pegged to Bitcoin Cash on DEX

Crypto exchange platform Binance is reportedly getting ready to list a Bitcoin Cash (BCH) pegged token on Binance DEX, its decentralized equivalent.

A post recently published on the Token Issuance & Listings page of the Binance community website revealed the planned listing.

The verified post showed that Binance founder and CEO Changpeng Zhao was proposing to list the pegged token BCH-1FD. The token reportedly tracks the value of Bitcoin Cash’s native asset.

In his pitch, the Binance CEO said he wants to give users the capability to trade BCH on his company’s decentralized platform.

Boost Interoperability

More popularly known by his moniker CZ, Zhao claims his latest project aims to boost interoperability between the various token assets. It will reportedly also expand Binance DEX’s utility value. It will also give BCH a chance to fulfill the original vision of Bitcoin becoming a “Peer-to-Peer Electronic Cash.” The project will empower users and merchants alike via the lowered fees and reliable confirmations.

CZ also waxed poetic and said his proposal would help the future shine brightly. It’s because the industry will enjoy growth, decentralized development, worldwide adoption, and peerless innovation.

There were also hints that it will consider Binance and Binance DEX users as its user base if the planned proposal pushes through. Other potential users are people interested in trading and fast transactions, other exchange platforms, and token companies.

BCH-1FD

The post also shared details regarding the size of the team handling the BCH-1FD project and if the contributors are also engaged in other crypto projects. CZ emphasized that Binance will furnish the conversion between Bitcoin Cash and the pegged token through withdraw/deposit.

Because of this, Zhao concluded that there wouldn’t be a lot of development work happening in this token. There’s also no conflict of interest, and the chances of that happening are low.

According to the proposal, crypto users will have the option to change the token for native BCH on the Binance site. It also mentioned that there’s presently 5,000 BCH worth of BCH-1FD tokens in circulation, but the numbers could still go up.

As explained in the post, BEP2 BCH can be minted, and its total supply can increase based on the demands of the market. All the BEP2 BCH that has been issued will have 1:1 support by native BCH. These will sit in a reserved address that will be disclosed publicly and monitored at any time.   

Aside from this proposal, Zhao has also proposed to list two new trading pairs for the Binance USD (BUSD) stablecoin. The XRP/BUSD and the BTC/BUSD will be available on the DEX.

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