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Binance completes BNB migration to Binance Chain

  • Binance Coins have migrated from Ethereum blockchain. 
  • BNB/USD showed little reaction amid technical correction. 
Binance completes BNB migration to Binance Chain
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Malta-based cryptocurrency exchange announced a successful migration of Binance Coin tokens from Ethereum to the proprietary blockchain and opened deposits and withdrawal functionality.  

BNB tokens based on ERC-20 standard are still supported, which means that users can deposit them to Binance, though they will be automatically converted to BEP2 standard supported by Binance Chain. 

“Just burned 5mm ERC20 BNB, commencing swap to the real #BNB,” the head of  Binance Changpeng Zhao wrote in his Twitter account before the swap. 

Interestingly,  Binance Coin showed rather muted reaction. BNN has lost about 1% of its value in recent 24 hours to trade at $24.30 at the time of writing. The coin is sliding down even as Bitcoin and all major altcoins are growing. The divergence may be explained by a technical correction after a strong growth during the previous week. BNB/USD hit the all-time high at $25.05 on April,20.  

Also, it is worth noting that the mainnet of Binance Coin, Binance Chain, was launched in the previous week. 

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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