Posted 12 months ago | by Ben Armstrong

Binance Issues an ONT Token for DEX

Binance recently issued a new token that is based in Ontology (ONT), which is a crypto token. The new token is called ONT-33D and is built on Binance's blockchain. It is governed by a series of parameters known as BEP2, according to a Binance spokesperson.

The spokesperson informed the media that every ONT-33D token holds a backing of one ONT coin, that, in theory, should keep the token's price the same as the ONT tokens traded on the open crypto market.

In essence, ONT coins move on Ontology's main blockchain and make them incompatible with Binance's decentralized exchange, or DEX, when the two operate on different blockchains.

According to Binance, this move will:

"...allow ONT holders to have decentralized exchange service.”

If you are interested in trading with Binance, just click right here for more details. It has lots of trading tools, and also a wide range of token pairs to choose from.

Cool Ideas from Binance

Previously, Binance announced Bitcoin BEP2 (BTCB) in June 2017 with every token backed by Bitcoin (BTC). It uses the same parameters as ONT-33D and has been successful so far.

According to Binance,

"Many more DEX services will launch in the future...For example, Ontology will add a node staking feature soon, expecting to integrate it with the Binance DEX and enabling ONT holders to have full control over their assets while participating in ecosystem governance."

Wrapped Bitcoin (WBTC), which is a token issued on Ethereum's blockchain and backed by Bitcoin, is a similar idea. It allows BTC to be traded on ERC-20-based decentralized exchanges.

Making Markets Happen

Changpeng Zhao, or CZ, the founder, and chief executive of Binance, recently delivered a speech at BlockDown 2020 about initial public offerings, or IPOs, and venture capital fundraising.

He believes that the blockchain fundraising markets will produce exponential growth in the next few years. There are many good ideas in the blockchain and crypto space, and many will likely be funded.

CZ described distributed ledger technologies, or DLTs, as driving creative destruction in global fundraising practices and argued that blockchain fundraising has, for the first time in history, allowed individuals to raise money globally in a decentralized fashion.

The CEO also criticized traditional fundraising methods like IPOs, saying:

“Institutional investors cash out, the CEO gets a big bonus, the retail guys get left holding the bag, and then the company [becomes] a really large public company, and the CEO takes big packages and then leaves, and then the government has to bail them out.”

With the established financial marketplace looking less and less stable, there is probably a lot of room for innovation.