Yesterday Binance launched its new BTCB token pegged to bitcoin (BTC) on its blockchain and, in preparation for this launch, moved 9,001 bitcoins (BTC), or about $82 million, to a new wallet.

binance btcb token

The transaction had already been announced by Binance’s CEO, Changpeng Zhao, in a tweet.

These funds were used to create the same number of BTCB tokens.

The address is public so that users can see the real underlying of the token and have the certainty that the token is backed by sufficient funds, in the same way that Tether has to be audited to show that all USDT in circulation are actually equal to the amount of dollars held in their banks.

The BTCB token, announced yesterday, is the first of the BEP2 tokens that replicate the value of the main cryptocurrencies and which will be used for trading on the Binance DEX.

There’s also plans to create a special trading pair on the decentralised exchange platform with Binance Coin, BTCB/BNB, in order to allow bitcoins to be traded on the Binance blockchain without having to move BTC.

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Alfredo de Candia
Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.