Binance, one of the largest cryptocurrency exchanges of the world, has come up with brand new features that will enable the users to deposit and withdraw the native BNB tokens on the Binance platform via the Binance Smart Chain (BSC). The Binance Smart Chain is an Ethereum based virtual machine compatible blockchain that runs parallelly to Binance Chain.
With the introduction of this update, the Binance.com platform will be able to cope up with the technological advancements and trends that focus on making the digital asset circulation easier for the users. To ease the process, there will be separate BNB deposits and withdrawal options. Users will also be able to create a separate Binance Smart Chain (BSC) wallet for receiving BNB withdrawals.
On the Binance Chain platform, users can freely receive and send BNB tokens from their wallets. They can issue new tokens or send, receive, mint, or burn, freeze, or unfreeze tokens all at their choice and convenience. They can also create trading pairs using their preferred tokens and can use those trading pairs to buy or sell assets on the Binance platform.
After the successful launch of the Binance Smart Chain (BSC) in April 2020, the staking mechanism of BNB and the creation of the Smart Contract became much easier, as the BSC works as a parallel blockchain to the Binance chain. It facilitates the free flow of the BNB tokens between the Binance Smart Chain and the Binance Chain in an equal ratio (1: 1).
Any interested user can collect BNB stakes and become a validator of this newly launched Binance Smart Chain blockchain. However, users are further notified not to deposit BNB tokens via cross-chain transfer directly from the Binance Chain into the Binance Smart Chain. In case this happens, the user’s account will not be credited. Therefore, the users are notified to make the deposits directly into the Binance Smart Chain deposit wallet.