Binance launched bridge to support Ethereum-compatible networks

The service will allow users to use assets from any blockchain on the Binance Chain network

30.03.2022 - 11:55

172

1 min

What’s new? On March 29, the world’s largest cryptocurrency exchange by trading volume, Binance, announced the rollout of Binance Bridge 2.0 to integrate CeFi and DeFi. This feature will allow users to transfer assets from any Ethereum-compatible blockchain to the Binance Chain network, including tokens that are not traded on the exchange itself. Coins from other blockchains will be presented as wrapped BTokens that will be tied to the underlying asset.

Binance’s announcement

Details on Bridge 2.0. In the future, Binance plans to create an improved version of its mobile application so that users can easily convert assets.

The connected tokens will be directly in the exchange’s funding wallet or spot wallet. A new self-custody wallet (SCW) on the Binance app is available for unregistered intermediate tokens.

Binance was previously licensed to operate in Dubai and Bahrain. Also in March, the crypto exchange announced its investment plan, the company is considering the purchase of projects focused on the traditional market.

Author: