Litecoin-Backed Asset Listed on Binance DEX

News
Wed, 11/06/2019 - 18:10
Vladislav Sopov
Litecoin is mirrored on the Binance DEX by LTC-F07 (LTC BEP2) asset seven days after Binance's CEO proposal. LTC/BNB trading is open.
Cover image via www.binance.org

Since November 6, 2019, Litecoin/Binance (LTC/BNB) trading has been available on the Binance DEX, including the freshly issued asset called LTC-F07. As of now, 18,500 tokens have been released for trading.

New Markets For Blockchain Silver

In the new listing proposal, Binance CEO Changpeng Zhao explained the potential of LTC trading on the Binance DEX:

"LTC is decentralized money, free from censorship and open to all. The Litecoin blockchain is the largest global scrypt based network, operating with 100% uptime since 2011 securing billions of dollars of value"

Changpeng Zhao also highlighted LTC's contribution to blockchain progress, specifically the Lightning Network and Atomic Swaps. 

As a new asset, LTC-F07 is mintable, and the total supply will increase with market demand. All of the issued LTC-F07 will be backed 1:1 by a native LTC, in which the accuracy of this connection will be monitored by an initial verified LTC address

The Binance DEX is a side-project of Binance, the world largest cryptocurrency exchange. It operates on the native Binance Chain, and supports non-custodial peer-to-peer trading of 130+ assets. Some of major cryptocurrencies (Bitcoin and Bitcoin Cash), as well as numerous stablecoins, have their "mirrors" on the Binance Chain which are actually tokens of the native Binance BEP2 standard.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy