Popular crypto-exchange Binance shot to prominence within no time, with the exchange today enjoying its status as one of the market’s most trusted exchanges, despite the fact that it is centralized. In fact, Binance has been avidly looking out for demand in the market, following which, it has over the past few months launched an assortment of products catering to every demand.
In yet another example of Binance’s efforts to cater to a diversified audience, the exchange launched the Panama project on 30 September to help Binance Smart Chain and Binance Chain with faster, cross-chain bridging services.
While the introduction of the service brought Binance USD [BUSD], Tether [USDT], and Ethereum [ETH] to the Binance Chain ecosystem, the project took another step towards expanding this list today. On 10 October, the Binance Chain Panama service announced the addition of pegged tokens like Chainlink [LINK], Bitcoin Cash [BCH], Ontology [ONT], Litecoin [LTC], and Cosmos [ATOM].
The peg-in process allows users to swap the native tokens to the equivalent of pegged tokens on the Binance chain or Binance Smart Chain, while its peg-out procedure allows them to swap the equivalent of the pegged token on the aforementioned chains to the native tokens. This product claims to help the exchange provide inter-blockchain liquidity for Binance Chain, Binance Smart Chain, and its decentralized applications.
In fact, in a previous blogpost, the exchange had explained,
“…if USDT is transferred from Ethereum to Binance Smart Chain, Panama will support the cross-chain conversion of Ethereum ERC-20 and TRON TRC-20 assets.”
While the swap takes 2-3 minutes to execute a cross-chain conversion of crypto-assets, this service could enable traders to swap between native blockchains. Binance has been laying the groundwork for the same for some time now by listing prominent tokens.
Just recently, when Uniswap launched its governance token, UNI Binance was among the first exchanges to list the token within 90 minutes of its launch. In fact, as per data, the token registered a 1000% growth within 24-hours of the listing.
The exchange’s interest in DeFi is also growing as WazirX, a Binance-owned exchange based in India, recently announced it was developing a DeFi product in partnership with the Matic network. Along with partnering with Matic, WazirX also launched the Automated Market Maker [AMM] protocol which would enable users to trade and create a liquidity pool, instead of using order books.
Despite its agendas, however, Binance seemed to have hit a block with its plans to enter Japan this year. Tao Tao, a digital asset trading platform in Japan, was in talks to collaborate with Binance, but had to “end negotiations” quickly.
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