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Binance Announces Release of Feature That Supports and Converts Almost All Ethereum Tokens

Tue, 03/29/2022 - 15:10
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Tomiwabold Olajide
Binance Bridge 2.0 will support almost all Ethereum-native tokens
Binance Announces Release of Feature That Supports and Converts Almost All Ethereum Tokens
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Binance has released the second version of its cross-chain protocol, Binance Bridge 2.0, which connects the BNB Chain, its flagship Layer 1 blockchain, with other networks.

Binance Bridge 2.0 will support almost all Ethereum-native tokens while enhancing interoperability between different blockchains. Through the Binance app, users will be able to access both traditional centralized finance (CeFi) and decentralized finance (DeFi) via the bridge.

The blockchain bridge, repurposed from the previous one, introduces a new mechanism to bridge listed and selected unlisted tokens from Ethereum to BNB Smart Chain as BTokens. Wrapped tokens can be used with the BNB Chain ecosystem to explore DeFi, blockchain games, Metaverse and more.

In February, Binance changed the name of its Layer 1 network to BNB Chain as part of its ambition to become a major blockchain infrastructure provider. The bridge is a crucial part of this effort since it allows users and developers to integrate other tokens into Binance's ecosystem.

As reported by U.Today, Binance stated it was preparing to go on a shopping spree for non-crypto businesses, according to a report first published by The Financial Times. CEO Changpeng Zhao told the media outlet that the Cayman Islands-based exchange will pick deals that will further integrate various economic sectors into crypto. They plan to make rival companies follow the example of a trailblazer within a certain industry.

Earlier in March, the top cryptocurrency exchange, Binance, announced it had been granted a license to conduct some operations in Dubai, from where it plans to carry out regional business.

The awarding of the Virtual Asset Licence from Dubai's recently formed Virtual Asset Regulatory Authority (VARA) comes after Gulf neighbor Bahrain awarded Binance a crypto-asset service provider license, its first such license from a Gulf Cooperation Council (GCC) country.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.