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On November 12, Binance announced the launch of its new set of wrapped tokens for the Ethereum blockchain. Users can now convert some of their digital assets back and forth between Binance Smart Chain and the Ethereum ecosystem to explore various new decentralized apps and projects.
Wrapped tokens are a form of digital asset, which are anchored to the cryptocurrency they represent. One of the most popular currencies at the moment is Wrapped Bitcoin (WBTC), with 0.6% of all minted Bitcoins currently being “wrapped”. This type of token allows for extended use of your cryptography on various other blockchains, providing extended interoperability and convenience.
According to the announcement, the first BTokens released include BTC, DOT, FIL and WRX, which will be converted to BBTC, BDOT, BFIL, and BWRX, which are ERC-20 versions of the original assets. Once a user has converted their assets into one of these tokens, they can move them out of the Binance Smart Chain and onto Ethereum to receive the full value from their use.
Binance said that BTokens are issued directly by them and guarantee a 1: 1 anchor with their respective native currencies. Additionally, tokens will retain their value when moved between blockchain networks, backed by Binance’s SAFU fund.
The Project Token Canal initiative was launched with the aim of linking various blockchains together to allow users to maximize the utility and value of their digital assets. As part of the Binance Bridge Project, the main goal of the initiative is to provide support for new wrapped tokens in order to provide the public with various new opportunities.
In its statement, Binance said the introduction of BTokens was made with the sole purpose of providing users with an “extra layer of freedom” over their assets. The company said the new batch of Wrapped Tokens is being adopted rather quickly by the community, as BBTC was recently listed on Cream and ForTube, with $ 350 million worth of BTokens currently running on Binance Smart Chain.
