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
Tech troubles as Samsung debuts Galaxy S22 phones at Metaverse event
Samsung has unveiled its new range of Galaxy S22 premium smartphones at its virtual Samsung 837X space in the Decentraland metaverse.Over 100,000 users...
Wonderland’s treasury saga exposes the fragility of DAO projects today
The Wonderland protocol became the talk of the decentralized finance (DeFi) world after the platform was found at the center of a brewing controversy. On...
BuzzFeed backlash after ‘doxxing’ of Bored Ape Yacht Club founders
American Internet media and entertainment company Buzzfeed has revealed the identities of two of the four original Bored Ape Yacht Club (BAYC) NFT collection...
Does the IMF have a hidden script for El Salvador’s Bitcoin play?
On Jan. 25, the International Monetary Fund’s (IMF) directors asked El Salvador to “narrow the scope” of its Bitcoin Law by “removing Bitcoin’s legal tender...
LeBron James and Crypto.com team up for blockchain education initiative
In a press release published Friday, three-time NBA champion and Los Angeles Lakers forward LeBron James will partner with digital currency exchange Crypto.com...
Cathie Wood’s ARK ETF reportedly buys 6.93M shares of SPAC merging with Circle
Cathie Wood's Ark Invest has reportedly purchased 6.93 million shares of the special purchase acquisition company, or SPAC, that is merging with Circle,...
Bitcoin price descending channel and loss of momentum could turn $60K to resistance
Bitcoin (BTC) appears to lack the strength to retest the $67,000 all-time high that it reached on Oct. 20, and this is causing investors to question whether...
Ethereum Climbs 12% In Bullish Trade
Investing.com - Ethereum was trading at $3,039.40 by 18:23 (22:23 GMT) on the Investing.com Index on Wednesday, up 11.59% on the day. It was the largest...
CryptoPunks floor price slips below 80 ETH as NFT trading volume deflates by 50%
The minimum cost to buy a CryptoPunks nonfungible token (NFT) from secondary marketplaces dropped below 80 Ether (ETH) on Sept. 14.Larva Labs reported that...
JPMorgan will reportedly give retail wealth clients access to crypto funds
Major U.S. investment bank JPMorgan Chase is reportedly allowing advisers to execute crypto trades for more of its clients.According to a Thursday report...
Citigroup considers crypto amid surge in customer demand on Wall Street
Citigroup is reportedly considering offering crypto-related services to its customers in response to rising demand, specifically from asset managers and...
Possible Bitcoin treasury adoption as more companies cite inflation concerns
No fewer than 47 companies have cited the term “inflation” in their earnings calls for Q1 2021.According to a report by financial market data provider FactSet...
Asset management giant Fidelity files for Bitcoin ETF
Fidelity Investments, the $4.9 trillion asset manager, has filed paperwork with the United States Securities and Exchange Commission, or SEC, to list a...
Harvard Professor Called Cryptos «Lottery Tickets», Predicted BTC to Be $100
In the heat of the crypto-fall, when bitcoin costs 80% less than a year ago, Harvard University Professor Kenneth Rogoff said the «big daddy» is more likely...
Buterin Donated $2.4 million To Anti-Aging Research
Pineapple Fund - covered by the secret of an anonymous charitable foundation, which, among other things, provided financial support to the Internet Archive...