[Bitcoin BEP2](https://coinmarketcap.com/currencies/bitcoin-bep2/) (BTCB) is a token on the Binance Chain. Each BTCB is 100% backed by a BTC reserve, with the price pegged to [Bitcoin](https://coinmarketcap.com/currencies/bitcoin/) at a rate of 1 BTCB = 1 BTC. The [reserve address](https://btc.com/btc/address/3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb) for verification is publicly available to anyone at any time.
The Binance cryptocurrency exchange has published the reserve address to demonstrate the transparency of the Bitcoin BEP2 project, as well as to pique the interest of third parties who can freely check the contents of the Bitcoin pool and compare the data with the number of BTCB tokens issued. The project forms part of Binance’s endeavor to provide affordable trading opportunities for users of its decentralized exchange ([DEX](https://coinmarketcap.com/alexandria/glossary/decentralized-exchange-dex)) – one of the main services supported by Binance Chain.
Since its launch on April 18, 2019, Binance Chain has been able to achieve good results regarding decentralization and interoperability in a quite short time. Binance Chain Evolution Proposal 2 (BEP2) was launched in June 2019, outlining a set of technical features, rules and management criteria that tokens must meet in order to function properly in the Binance Chain ecosystem.