Binance Updates Blockchain Bridge to Version 2.0 for DeFi and CeFi Access


Crypto exchange Binance has introduced the Bridge 2.0 blockchain bridge for transferring tokens from Ethereum in the form of wrapped BTokens.

Tokens can be used in the BNB Chain ecosystem, blockchain games, access to CeFi and DeFi. Binance Bridge 2.0 is being announced as a brand new bridge service that provides cross-blockchain liquidity access for popular blockchain networks to the BNB Smart Chain ecosystem. The service is designed to improve interaction with users and reduce their costs for servicing transactions.

Binance announces that the previously decommissioned Binance Bridge has received new features to enable easy and reliable interoperability between the Ethereum and BNB Smart Chain blockchains. With the upgrade to Binance Bridge 2.0, it became possible to connect even more tokens, including those that are not listed on the Binance exchange. Unregistered tokens are connected to the BNB Smart Chain as wrapped BTokens.

Recall that BTokens are tokens pegged to some base cryptocurrency. This technology, known as wrapping, is used to transfer tokens from one blockchain to another, essentially by mirroring them. At the same time, the asset is blocked in the base blockchain as long as the “wrapped” one exists.

The Binance Bridge 2.0 will provide users with the ability to access traditional centralized finance (CeFi) and decentralized finance (DeFi) through the Binance app. Binance specifically emphasizes that all transactions are available to users from their account and do not require the use of third-party wallets. Connected tokens will be directly in the exchange wallet for financing or spot wallet. The storage of unregistered intermediate tokens is provided in the new self-service wallet (SCW), in the Binance app.

Cryptocurrency exchange Binance launched the Binance Learn and Earn educational initiative on March 25, through which users can earn cryptocurrencies by completing tasks on the topic of blockchain and cryptocurrencies.

Source: Bits

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