Binance launches Binance Bridge 2.0 to integrate CeFi and DeFi

Binance launches Binance Bridge 2.0 to integrate CeFi and DeFi

On Tuesday, centralized cryptocurrency exchange Binance announced the rollout of Binance Bridge 2.0. The feature enables users to bridge assets from any blockchain, including tokens not listed on the Binance app, to the BNB Chain. Bridged tokens listed on Binance will be stored in the Funding or Spot Wallet, while unlisted bridged tokens will be transferred to the Funding Wallet only.

Users can bridge-in or bridge-out tokens between their native blockchains and BNB Chain via regular deposit and withdrawal functions. In the future, Binance also plans to create a better version of its mobile app to allow users to facilitate such conversion via a single click. Regarding the development, Mayur Kamat, head of product at Binance, said:

Our top trading bots

"With Binance Bridge 2.0, we can make decentralized finance accessible to a larger audience worldwide while still providing the seamless user experience that centralized finance offers. We are already seeing this via the tremendous adoption of the PancakeSwap Mini-app."

Binance has also implemented a brand new automated token circulation control system in Binance Bridge 2.0. The exchange will not maintain a surplus of pegged tokens, also known as wrapped assets, except for a buffer size in hot wallets. Instead, it will print additional tokens when users withdraw pegged tokens onto the BNB Smart Chain.

The company indicated that all other circulation will be backed by the native tokens deposited by the users from the original blockchains. When users want to switch from the pegged tokens back to the original tokens, they can deposit the pegged tokens into Binance and withdraw the original tokens. Simultaneously, the excessive tokens will be swept to the cold wallet and burnt automatically.

Continue reading with Cointelegraph
What are the BTC price levels to watch as Bitcoin nears March peak?
Bitcoin (BTC) closed in on its highest level of the month on March 25, with traders hoping for an end to months of consolidation.BTC/USD 1-hour candle chart...
‘Satoshi Island’ crypto utopia receives 50K citizenship NFT applications
Step aside, El Salvador, there’s a new Bitcoin-centric destination on the map. As a 32-million-square-foot private island sanctuary in the remote South...
DeFiance Capital founder loses $1.6M in hot wallet hack
Founder of major crypto investment firm DeFiance Capital, “Arthur_0x”, has suffered a hack on one of his hot wallets resulting in the loss of more than...
Amex CEO hints at exploring ways to allow credit card holders to redeem points for crypto
American Express credit card holders may one day be able to redeem points for cryptocurrencies, but the company has no immediate plans to issue a crypto-linked...
Bitcoin declines as December struggle continues for cryptocurrencies
By Samuel IndykInvesting.com – Bitcoin was trading below $47,000 on Wednesday as cryptocurrencies look set to end the year with a whimper. The world's largest...
Why are major global brands experimenting with NFTs in the Metaverse?
Blockchain is a core technology that differentiates itself from other technologies by having solved the double expense with the emergence of the Bitcoin...
XDEFI CEO wants to disrupt MetaMask’s domination of browser wallets
Due to the enormous growth of DeFi and a lack of direct competitors, Ethereum wallet and browser extension MetaMask recently surpassed 10 million active...
Ethereum supply flips briefly into deflation as gas fees spike
The theoretical deflationary properties of Ethereum’s London upgrade last week have already been seen in action on the blockchain, with almost 800 “deflationary...
Record network activity and a second NFT boom send WAX price higher
Just a few days before Bitcoin (BTC) price plunged below $30,000, the NFT sector was dominating headlines for the second time in 2021, led by a month-long 972%...
How artificial intelligence can enhance blockchain platforms
Artificial intelligence and blockchain are both touted as technologies that will lead our future. But here’s the problem: They’re like oil and water. While...
Bitrue floats $50M cryptocurrency investment fund
Bitrue crypto exchange has announced a $50-million investment fund geared toward supporting cryptocurrency and blockchain startups.According to a recent...
Almost twice as much ETH locked in DeFi as on exchanges: Glassnode
Ether is being locked up in decentralized finance contracts at an accelerating rate this year, while the amount held on centralized exchanges continues...
Swiss Stock Exchange SIX and Borse Xetra list physically backed Ether ETP
New York-based exchange-traded product sponsor and asset manager WisdomTree is expanding its digital assets range with the launch of a new Ether (ETH) exchange-traded...
XRP Army gets 'RelistXRP' trending, demands exchanges comply
Members of the XRP Army — supporters of the XRP token — have started an online movement to pressure crypto exchanges to relist the digital asset amid Ripple...
Monero’s Hard Fork Decreases its Transaction Fees by 97%
Monero’s transaction fees have significantly fallen down after the coin’s hard forл was executed last week. Particularly, the fee has decreased by 97% from...