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Binance Presents Project Token Canal

2020.9.4  •  1 min read
Blog post image.

Soon after the launch of Binance Chain, Binance issued several pegged BEP2 tokens that are running on other blockchain networks, including BTC (BTCB), ETH, XRP, LTC, BCH, and ONT. These tokens are backed by real tokens locked in public addresses, and have allowed users to benefit from both the volatility of these tokens as well as the fast transfer and trading experience of Binance Chain.

With the launch of Binance Smart Chain, a greater token economy domain has been unleashed, where users can enjoy the flexibility of smart contracts together with the high liquidity and fast ledger of Binance Chain. We feel it is the perfect time to bring the asset “oceans” together to inject more value into Binance Smart Chain with the sophisticated liquidity management experience from Binance.com.  

Project Token Canal is a new initiative, similar to many existing ‘wrapped coins’ in the crypto community, Binance.com, the largest crypto token vault and exchange, will stand to issue and bind more token assets on Binance Chain and Binance Smart Chain, and guarantee the conversion from and to the original tokens with our own credibility and infrastructure.

For example, Binance.com will support BTC, BTC BEP2, and BTC BEP20 deposits and withdrawals, as they are virtually the same token on multiple networks. Moreover, other convenient methods to facilitate conversion of these tokens outside of Binance.com will be introduced later, as Project Token Canal will be composed of several facilitations to enable the one-stop ecosystem. After some discussion, all current validators of Binance Chain have also agreed to support listing tokens via Project Token Canal to provide more options to Binance DEX users.

More and more tokens will flow through this canal! Please stay tuned!

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