BNB token was being stored on wallets supporting ERC20 and now Coinomi has added support for the coin
Coinomi, a cryptocurrency wallet provider has reportedly announced its collaboration with Binance DEX that would see the partners offer support for the BNB token.
Binance, the world’s leading cryptocurrency exchange, had recently launched its mainnet and its decentralized exchange (DEX).
The latest development for BNB coin will supposedly provide users with an option to store the cryptocurrency. The BNB token used to be stored on wallets supporting ERC20 earlier, and now that Coinomi has added support for the coin, it is an outstanding accomplishment for a token which is already showing triple digit gains.
Apparently, it has been expected that the Binance DEX would outperform and even change longstanding uncertainties about DEX such as liquidity, latency, and susceptibilities of algo trading exploitation through front running. Now plenty of companies are supporting Binance DEX, including Coinomi, which is an open source multi-currency wallet.
Sources familiar with the matter informed that overall there will be 200 million BNB coins, out of which 48 million will be frozen and locked and 11,654,398 coming directly from the Binance chain. To enable a smooth transition, the exchange will support users and every withdrawal request would technically be a mechanism to convert ERC-20 into BEP2 BNB tokens.
Binance, after introducing their blockchain, seems to be swapping ERC-20 based BNB tokens to give a boost to users interested in storing their assets away from the Binance Chain. Those who would be using the BNB coins through Binance DEX have no limitation while others can store the cryptocurrency on wallets for the future purpose.
Over the span of few days, users would get access to the Binance DEX platform and can trade the crypto straight from their wallet, sources added.
Seemingly, Binance upholds that the main objective of the Binance Chain is to strengthen community growth. Along with this, it would help the industry to attain its long-term vision of P2P trading, sources said.