Binance Launches Service to Ease Access to DeFi and CeFi Products
Globe’s largest crypto exchange Binance has unveiled a new service that will enable users to access DeFi and CeFi systems from the app directly. According to Binance, the service dubbed Bridge 2.0, will allow customers to move assets from various blockchain networks to Binance Chain safely and quickly as B-Tokens.
What’s more exciting is that Binance will support the bridge of non-listed tokens on the exchange. Binance said listed tokens will be stored in the Spot Wallet, while the unlisted ones will be stored in the Funding one. As usual, users will be able to deposit and withdraw their tokens.
How Users Can Bridge Tokens
Bridging tokens with the new service means freezing your virtual coins on their parent chains and creating an identical copy of them on the BNB chain. By doing this, users can transact outside the native chain of the assets.
Typically, bridged assets can return to their parent chains by burning their copies and unfreezing the original tokens. This is facilitated by the computerized B-Token system in Bridge 2.0.
In detail, Binance said, “it will not hold any extra pegged assets. Users can deposit the pegged tokens into Binance and withdraw the real tokens if they want to revert to the original assets. All surplus tokens will be transferred to the cold wallet and burnt.”
Binance Continues to Make Impressive Moves
Binance has been quite busy lately, launching and announcing some products and services for users in the DeFi space. The crypto firm disclosed the unveiling of EduFi, a product designed for users to earn while learning.
The new product intends to promote crypto learning, which has been one of the core objectives of Binance since its creation. The new product adds to the learning platform unveiled by the crypto firm in 2018.
Binance has also indicated interest to go beyond the cryptocurrency sector. CEO CZ said the exchange could diversify into gaming, retail, and commercial sectors. Speaking of his intent, CZ aims to make crypto bigger than what it is by making other industries use it.
Over the last couple of months, Binance has shown interest in expanding to some Asian countries, such as Thailand, Bahrain, and Indonesia. The exchange has already agreed in principle with Bahrain to set up its base there.
To this day, Binance still has some regulators on its tail. Earlier this month, the U.K FCA questioned the firm’s partnership with Bifinity, emphasizing that some of its services were still blocked in the country.
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