BUSD and XRP Transactions Become Easier on Binance As They Get Added to Interoperable Tokens List


BUSD and XRP Transactions Become Easier on Binance As They Get Added to Interoperable Tokens List

Leading cryptocurrency exchange, Binance has announced two more additions to its list of interoperable tokens. According to their official announcement, the exchange has added support for BUSD and XRP, and these will be tradable on the Binance DEX platform.

Binance Adds XRP-BF2 And BUSD

Binance, on Saturday, updated their Twitter handle with this development and also added links to an official publication. As per the publication, the issuance of BEP2 versions of XRP and BUSD on Binance chain will allow users to more freely deposit and withdraw the aforementioned interoperable tokens to their desired networks via the Binance.com web interface.

As an interoperable token, XRP-BF2 co-exists with (XRP) and is pegged to original XRP assets in the ratio of 1:1. The XRP-BF2 are designed to track the true value of the XRP native assets and maintain constant synchronization of value so that traders on Binance DEX can interchange XRP-BF2 for the native XRP assets.

Similarly, BUSD or Binance USD are USD-denominated stablecoins which recently received approval from the New York State Department of Financial Services (NYDFS). They are pegged to the U.S. dollar also in the ratio of 1:1 and are available as ERC-20 and BEP2 tokens.

Other Available Interoperable Tokens

Binance recently upgraded its deposit and withdrawal functions so that its customers could transact with interoperable tokens freely via its web interface. Initially, the upgrade added support for about 11 interoperable tokens, many of which were available as BEP2 and ERC-20. The addition of the BP2-XRP and BUSD bring the figure to about 13 tokens which work with the described upgrade. Among the available interoperable tokens are USDT, PHB, ANKR, BCPT, and CHZ.

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