Connect with us

News

Binance to burn all ERC20 tokens in their hot, cold wallets; will convert them into BEP2 tokens

Avatar

Published

on

Binance begins to burn all ERC20 tokens in their hot and cold wallets to convert them into BEP2 tokens
Source: Unsplash

Changpeng Zhao, CEO and Founder of Binance, today announced the burn of ERC20 tokens present in the exchange’s hot and cold wallets. An equal amount of BEP2 tokens will be generated after the burn, all of which will be deposited in a new wallet.

CZ tweeted,

This new update is for Binance DEX and details for the same are available on the DEX explorer. The current balance of the Binance DEX wallet is $372,152. Binance DEX was launched after Binance developed their own blockchain on top of Binance Coin.

Moreover, a lot of crypto-projects have since migrated from different platforms onto the Binance blockchain. Some of the projects on Ethereum with ERC20 tokens have already moved to BNB blockchain, like Bolt Global’s migration to Binance Chain on May 10.

CZ added,



“The address of the new BEP2 $BNB cold wallet is:
bnb142q467df6jun6rt5u2ar58sp47hm5f9wvz2cvg.
View its contents any time, or even watch the migration in real-time with the
@binance_dex
explorer: explorer.binance.org”

A Twitter user, @Kriptoporstalk, commented,

“This is great! I would love a simple solution to transfer the tokens in my wallet, maybe @TrustWalletApp can cook something up?”

Another Twitter user, @Wissenshungerr, commented,

“Man, you are strong in the transparency Game! It’s such a great lesson for me to see how much impact this can have on the costumers! I will implement this behavior into my private and work life. Transparency leads to less uncertainty and increases trust and satisfaction!”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

News

Binance Coin [BNB] registers ATH as it surges by over 16,000% since inception

Namrata Shukla

Published

on

Binance coin [BNB] registers ATH as it surges by over 16,000% since inception
Source: Pixabay

The cryptocurrency market continued to register massive growth, as the prices of most major cryptocurrencies soared. However, the late entrant to the list, Binance Coin [BNB] is posing to be tough competition for other coins in terms of performance. BNB which entered the crypto market in July 2017, breached its all-time high and was trading at $28.79, at press time.

Source: Trading view

Source: Trading view

Binance Coin started out in July 2017 with a value of $0.1927 and marked its all-time high on May 18 at $31.91, according to the Trading View chart of the coin on Binance. BNB noted the growth of a massive 16,458.31% since 2017. However, until the beginning of 2019, BNB was valued at $6.59, after which the coin noted a surge by 384.15% and peaked at $31.



Source: CoinMarketCap

Source: CoinMarketCap

In the month of May, BNB noted a 28.16% growth, and the coin was valued at $28.66, with a market cap of $4.04 billion. The 24-hour trade volume of the coin was reported to be $551 million as it spiked by over 10% in a day. In the past seven days, the coin grew by 35.97%, but slipped by a minimal 0.25% in an hour.

BNB was highly traded on its native exchange, Binance via the BNB/BTC and BNB/USDT pairs. The BNB/BTC trading volume noted on Binance was $140 million, while the volume reported on the BNB/USDT pair was $132 million. The third place was taken by BKEX via the BNB/USDT pair as it registered a trading volume of $72 million.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending