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Binance Unveals Bitcoin Based Token

CZ Surprises Crypto Twitter with Surprise Reveal

2019-06-17 15:05:09 | Jonathan Ganor

Binance has been rocking the headlines recently in many cryptocurrency news outlets. The #1 exchange by adjusted volume has been making many improvements, adjustments and changes to stay on top. This includes the launch of their U.S. regulator friendly platform Binance.us, the DEX and margin trading.

Earlier today Binance CEO, CZ took to Twitter to tease a major announcement.

This left many scratching our heads, wondering what this could refer to. The 9001 was a pretty obvious reference to Bitcoin's price and to the common Dragon Ball meme, "It's over 9000"

 

 

Bitcoin Token

A few hours later CZ and Binance announced the launch of BTCB a token on Binance Chain a token with its value is linked to Bitcoin (BTC). This will allow Binance DEX users to trade on Bitcoin's value. 9001 BTCB will be in circulation as per now and have a reserve of 9001 BTC in a separate wallet and on chain for transparency reasons. As per the announcement:

"Binance will issue a number of crypto-pegged tokens on Binance Chain (BEP2 token format) in the coming days, starting with BTCB, a BEP2 token pegged to Bitcoin.

Pegged tokens such as BTCB, are 100% backed by the native coin in reserve, which is Bitcoin (BTC) in BTCB's case. The reserve addresses are published for anyone to audit. The blockchain offers a much easier way to audit a crypto reserve than a traditional bank balance tether."

Bottom Line

BTCB is a very valuable addition to Binance's DEX. Should it succeed and grow in popularity we might see other notable cryptocurrency tokens on Binance chain.

 

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