Binance Launched Bitcoin Pegged Token (BTCB) on Binance Chain

Largest Cryptocurrency exchange Binance launched the Bitcoin pegged token (BTCB) on the binance chain for trading on binance DEX reported on 17 June 2019.

Binance reported that they are also working to issue a number of crypto-pegged tokens on Binance Chain (BEP2 token format) with time, but for now they just launched a BEP2 token pegged to Bitcoin named as BTCB.

Cryptocurrency exchange binance claimed that the bitcoin pegged token will be 100% backed by the bitcoin native coin in their reserve and will do same for the other crypto pegged tokens on the binance chain.

The addresses containing a reserve of the crypto pegged tokens will be made available publically so that everyone can audit the reserve by self.

Binance will list the trading pair for Bitcoin vs its pegged token i.e, BTC/BTCB on their main exchange platform binance.com.

here is the BTC reserve address for BTCB –
3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb

Currently, binance just reserved the 9001 BTC to create 9001 BTCB tokens on the binance chain. Check here – https://explorer.binance.org/asset/BTCB-1DE

Binance reportedly said that they will open the BTC/BTCB trading pair on binance.com in a day as well as will list BTCB on binance DEX possibly very early.