Nexo, one of the most advanced and trusted instant cryptocurrency lenders, announced today that it is migrating at least 10% of its token supply from the Ethereum blockchain to Binance’s blockchain dubbed “Binance Chain.”
This is part of the project’s effort to strengthen its relationship with Binance exchange which began in June last year.
The Binance Chain was launched in April 2019 and it hosts the Binance Decentralized Exchange (DEX) which offers users more control over their assets and a new level of freedom when trading cryptocurrencies.
With the Nexo token now on the Binance Chain, holders who choose trade their tokens on the Binance DEX will enjoy faster processing time with lower fees.
Furthermore, this development means that NEXO tokens are available as ERC-20 on the Ethereum network and BEP2 on the Binance Chain. Users can deposit, withdraw, or switch their tokens between both platforms.
To enjoy flexibility and ease of use, Nexo designed a “two-way token swap mechanism” that allows users to convert their ERC-20 to BEP2, and vice versa both on the desktop and mobile Nexo wallet via Andriod and IOS apps across all devices. Additionally, all transactions involving token swap are free.
This move does not affect the circulating supply. According to the announcement, to ensure transparency that the supply remains unchanged, “all ERC-20 NEXO Tokens corresponding to the amount of issued BEP2 NEXO Tokens are locked in a publicly viewable Ethereum address.”
Commenting on the latest move, Antoni Trenchev, Managing Partner at Nexo, noted that:
Nexo is thrilled to support Binance in its bold move to build its cutting-edge blockchain which is setting the standard for the development of the largest Decentralized Crypto Exchange — Binance DEX.
Ted Lin, Binance Chief Growth Officer, expressed their joy, noting that “It’s delightful to see that more and more projects have chosen to migrate their tokens onto Binance Chain. We’re happy to build a robust blockchain ecosystem together with Nexo.”
Early this month, Binance was accused of silently attacking Ethereum by offering Ethereum-based project incentives such as auto-listing on Binance in a bid to lure them away. Changpeng Zhao, Binance’s CEO, however, denied the allegations.