Announcing the new technology of BNB Chain Binancecontinues to bring innovations into the network.
Cryptocurrency exchange Binance is turning to decentralized identity tools by launching the first token that will register the status of verified users on the platform. The exchange is a Soulbond token used as proof of identity for Binance users who have completed KYC verification. Binance Account Bound(BAB) token was released.
Binance Launches BNB Chain Token BAB
In the announcement made by Binance, the BAB token BNB Chain It is stated to be the first SBT exported in . Designed for many different uses, the token will be used primarily for Know Your Customer (KYC) checks on Binance.
BAB token will be first issued by Binance on BNB Chain. Several projects on BNB Chain will promote BAB tokens as credentials to their communities. Once a verified Binance user creates a BAB token, they will be able to participate in the creation of supporting projects on-chain and earn rewards.
The token, which will serve as a Binance identity, can also be used by third-party protocols for various purposes such as avoiding bots, performing NFT airdrops, and voting. More details on BAB will be announced by BNB Chain at a later date.
