Altcoin News: Binance Migrated BNB Tokens to Its Own Blockchain

April 23, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Binance cryptocurrency exchange announced the mainnet swap for the Binance Coin (BNB) cryptocurrency. Now users can enter and output BNB via the Binance Chain blockchain.

Binance representatives noted that after the completion of the network swap, the deposit addresses of the users changed. However, the old ERC-20 tokens can be credited to the user’s Ethereum address, but after enrollment, they will be automatically converted into BNB coins on the Binance Chain blockchain. For the withdrawal of coins, you can use the official wallet Binance Chain Web Wallet.

It is reported that today the Binance Exchange burned 5 million ERC-20 tokens and credited the same number of BNB coins. At the same time, when the user converts his tokens to a cryptocurrency, ERC20 tokens will be burned, and the same number of BNB coins will appear on the Binance Chain blockchain. Users are encouraged to convert within 90 days.

Binance also announced the launch of a decentralized trading platform and urged users to start registration. Already, on-site deposit and withdrawal are available, and trading will begin a little later.

Note that recently the Binance Coin course updated the historical maximum and rose to the level of $26. Currently, BNB occupies 7th place in the cryptocurrency rating according to CoinMarketCap, and its capitalization reaches $3.4 billion.

Author: Marko Vidrih