Cryptocurrency exchange Binance has announced the release of Binance Bridge 2.0. This feature allows users to link assets from any blockchain, including tokens that are not in the Binance app, to the BNB Chain, which bridges the tokens listed. On Binance, they are stored in the Funding or Spot Wallet, while the unlisted bridge tokens are transferred to the Funding Wallet only.
Users can bridge-in or bridge-out tokens between the original blockchain and the BNB Chain through regular deposit and withdrawal functions. It’s easy to convert with just one click, says Mayur Kamat, Binance’s head of product:
“With Binance Bridge 2.0, we are able to make decentralized finance accessible to a wide audience around the world. while still delivering a smooth user experience based on the centralized finance offering. We have seen this through the massive adoption of the PancakeSwap Mini-app.”
The company states that when a user wants to switch from the pegged token back to the original token, They can deposit the pegged tokens in Binance and withdraw the original tokens at the same time. The token goes to the cold wallet and is automatically burned.
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