Nexo is pleased to announce that it is further strengthening its relationship with Binance by migrating at least 10% of the NEXO Tokens supply to the Binance Chain.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190726005235/en/
Changpeng Zhao, CEO of Binance, with Antoni Trenchev, Managing Partner at Nexo, in Malta. (Photo: Business Wire)
Nexo already has moved a portion of its NEXO Tokens from the Ethereum blockchain, where tokens were issued under the ERC-20 standard to the BEP2 protocol of Binance’s own blockchain called ‘Binance Chain’ which was launched in April 2019 and hosts the Binance DEX.
This is the latest move in a year-long business relationship between Nexo and Binance which began in July 2018 when Nexo became the first company to allow holders of Binance Coin (BNB) to borrow against their cryptocurrency using Instant Crypto Credit Lines.
“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,” said Ted Lin, Binance Chief Growth Officer.
While Antoni Trenchev, Managing Partner at Nexo, commented:
“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.”
Why NEXO is Now Also on the Binance Chain
NEXO Token holders who choose to use their tokens on the Binance Chain will enjoy several benefits:
- Faster transactions — High throughput and low latency give the Binance Chain blazingly fast processing times
- Lower fees — Higher efficiency leads to lower fees, as the Binance Chain boasts lower and more sustainable transaction (TX) fees
- Trading on Binance DEX — NEXO Tokens will become tradable on the Binance DEX, one of the world’s most popular decentralized exchanges.
What This Means for NEXO Holders
Now that the BEP2 NEXO Token is launched, both protocols are becoming available across all Nexo Wallets. At any time, clients will be able to deposit and withdraw ERC-20 and BEP2 NEXO Tokens and to switch between them, guaranteeing the flexibility and ease of use that has become synonymous with Nexo.
To ensure this, Nexo has built a two-way token swap mechanism that allows everyone to convert BEP2 to ERC-20, and vice versa, giving freedom of choice from the comfort of the Nexo Wallet on both the desktop version and mobile via the iOS and Android apps on all devices. All transactions are occurring at #ZeroFees.
The Circulating 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, ensuring in the most transparent manner that the supply remains the same and no additional NEXO Tokens are in circulation.
NEXO on Binance DEX
All Nexo and Binance proponents can accelerate the listing of NEXO on Binance DEX by joining our transparent discussion and following these simple steps:
- Access the Binance forum via this link
- Simply register and confirm your email address
- Upvote NEXO by clicking the UP arrow at the bottom of the post, located at the very right side
- Leave a reply to share your feedback and support
About Binance Chain
Binance Chain, a blockchain software system developed by Binance and the community, is a community-driven project with developers and contributors from around the world. Binance DEX is the decentralized exchange feature developed on top of the Binance Chain blockchain, setting a new cryptocurrency trading standard for fast and secure peer-to-peer trading.
Official website: https://www.binance.org/
Nexo is the most advanced and trusted instant crypto lending provider on a global scale. It is the only blockchain company to provide its services in 45+ fiat currencies and more than 200 jurisdictions. Nexo gives digital asset holders the best of both worlds — instant access to cash and retaining ownership of their assets.
Official website: https://nexo.io