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, increasing the 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.
Blockchain Bridge introduces a new mechanism to bridge the listed and selected unlisted tokens from the previous one, repurposed from the Ethereum to BNB smart chain in the form of BToken. Wrapped Tokens can be used with the BNB Chain ecosystem to explore DeFi, Blockchain games, Metaverse, etc.
In February, Binance renamed its Layer 1 network to BNB Chain as part of its ambition to become a leading blockchain infrastructure provider. The bridge is an important part of this effort as it allows users and developers to integrate other tokens into Binance’s ecosystem.
According to a report first published by The Financial Times, reported by U.Today, Binance said it was preparing for non-crypto businesses to go on a buying spree. CEO Changpeng Zhao told the media outlet that the Cayman Islands-based exchange will select deals that integrate various economic sectors into crypto. They plan to make rival companies follow the example of a trailblazer within a certain industry.
In early March, top cryptocurrency exchange Binance announced that it had been granted a license to conduct certain operations in Dubai, from where it plans to conduct regional trading.
Gulf neighbor Bahrain granted Binance a crypto-asset service provider license after Dubai’s recently formed Virtual Asset Regulatory Authority (VARA) granted a virtual asset license, the first of its kind from the Gulf Cooperation Council (GCC) country. Licensed.