Crypto-exchange Binance introduced Bridge 2.0, a Blockchain bridge for transferring tokens from Etherium as wrapped BToken.
The tokens can be used in the BNB Chain ecosystem, blockchain games, access to CeFi and DeFi. Binance Bridge 2.0 is announced as a brand new bridge service that provides access to inter-Blockchain liquidity for popular blockchain networks to the BNB Smart Chain ecosystem. The service is designed to improve user interaction and reduce transaction costs.
Binance reports that the previously decommissioned Binance Bridge has received new features to enable easy and reliable interaction between Ethereum and BNB Smart Chain blockchains. With the upgrade to Binance Bridge 2.0, it has become possible to connect even more tokens, including those that are not listed on the Binance exchange. Unlisted tokens are connected to BNB Smart Chain as BToken wrapped tokens.
As a reminder, BToken are tokens tied to some underlying cryptocurrency. This technology, known as wrapping, is used to transfer tokens from one Blockchain to another, essentially by mirroring them. In doing so, the underlying Blockchain locks the asset as long as the “wrapped” one exists.
Binance Bridge 2.0 will give users the ability to access traditional centralized finance (CeFi) and decentralized finance (DeFi) through the Binance app. Binance emphasizes that all transactions are available to users from their account and do not require the use of third-party wallets. Connected tokens will end up directly in the exchange funding wallet or spot wallet. Storage of unregistered intermediate tokens is provided in the new self-service wallet (SCW), in the Binance app.