Changpeng Zhao (aka “CZ”), CEO and founding father of main cryptocurrency alternate Binance, has proposed to listing a token pegged to Bitcoin Cash (BCH) on Binance DEX, the platform’s decentralized counterpart.
According to the put up printed in Binance’s official “Token Issuance & Listings” part on Oct. 17, CZ proposes to “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 2019, the Bitcoin community split into two: BTC and Bitcoin Cash(BCH). BCH is a peer-to-peer electronic cash system.”
“No potential conflict of interest”
In the paragraph relating to BCH-1FD’s group measurement and whether or not some contributors are concerned in different crypto initiatives, CZ famous that Binance will present conversion between BCH and BCH-1FD by way of deposit/withdraw. As such, “there isn’t much development work in this token or any potential of conflict of interest,” Zhao concluded.
Per the proposal, customers will have the ability to swap the token for native BCH on Binance.com. Currently, the complete circulating provide of BCH-1FD quantities to five,000 BCH, however may very well be elevated sooner or later, the put up 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.”
Parallel to his BCH-1FD venture, CZ additionally proposed to listing two new buying and selling pairs with Binance USD (BUSD) stablecoin on the DEX: Bitcoin (BTC)/BUSD and XRP/BUSD.
As Cointelegraph reported beforehand, CZ had not too long ago said that the explanation why Binance Coin (BNB) dropped over 50% from its all-time excessive in June don’t “make much sense.”
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