Binance, the world’s largest digital currency exchange by trade volume, has launched a new internal transaction feature exclusive to the users on its platform.
According to the announcement on Monday, the new feature aims at enabling users to transfer funds between Binance accounts (i.e., internal transfer), easily and faster.
The internal transfer function, which can also be enabled and disabled via API, eliminates the need for network confirmation of any transaction between the users.
This means that, for any assets withdrawn from a Binance account to an existing Binance deposit address, the new feature will recognize and process them, without the need for any block confirmations. In that case, the new Binance internal transfer function further removes the need for transfer fees; the users can transfer funds within themselves at zero cost.
The development today will significantly contribute to the increment of activities on the exchange, while also promoting the massive adoption of cryptocurrencies.
Recent Developments at Binance
Notably, Binance exchange is among a few industry-related companies and businesses to launch new products and functions within a short while, all of which promote the concepts of digital currency.
As a major player in the industry, the exchange company signed a Memorandum of Understanding (MoU) with Ukraine’s Ministry of Digital Transformation to assist in drafting new regulations for the crypto and blockchain industry in the country.
The move was aimed at establishing the “potential” status of various digital assets, including cryptocurrencies using a transparent and effective solution.
Recently, the exchange also announced an expansion into the crypto-unfriendly nation, India, through the acquisition of WazirX, a crypto exchange in the country, to enable the 1 billion+ residents to participate in crypto transactions using Indian rupees (INR).
On September 26, Binance launched a staking platform for eight different crypto assets, as a value-added service, enabling its users to earn cryptocurrencies for merely depositing funds on the platform.