Binance, the world’s largest cryptocurrency exchange, is preparing to launch a new altcoin. According to the statement, Binance Account Bound (BAB) is close to launch.
Binance adds a new altcoin to its ecosystem
cryptocoin.com As we have reported, Binance, the world’s largest cryptocurrency exchange, is preparing to add a new token to its ecosystem. The cryptocurrency exchange plans to launch its first stable, non-financial token called Binance Account Bound (BAB). Crypto news source WuBlockchain gives the following statement in its Twitter post based on TechAsia:
Binance is preparing to launch Binance Account Bound (BAB), its first spirit-linked token/SBT built on BNBchain. BAB will be used as KYC credentials. SBT is a Web3 concept introduced by Vitalik Buterin.
Techinasia: Binance is set to release Binance Account Bound (BAB), its first soulbound token/SBT that’s built on the BNBchain. BAB will be used as KYC credentials. SBT is a Web3 concept that was introduced by Vitalik Buterin. https://t.co/p743RcEcPi
— Wu Blockchain (@WuBlockchain) August 1, 2022
The new cryptocurrency will be built on the Binance Smart Chain (BSC). It will also only be available on the exchange’s mobile app for iOS and Android users. The exchange will only allow users who complete the required know-your-customer (KYC) requirements to mint the token when it is finally released.
What will Binance’s new token do?
According to a report by TechAsia, the exchange plans to use BAB as its KYC credentials in its current statement. This will make it easier to identify KYC verified accounts from accounts operated by bots. Additionally, it is possible for third-party projects to use the initiative to conduct token airdrops in the future. Tech Asia explains:
BAB will be used as KYC credentials. So it will show when users are authenticated. It can also be used by third-party protocols to airdrop NFTs and avoid bots. Decentralized autonomous entities can also tap BAB to enable quadratic voting.
Meanwhile, the world’s largest cryptocurrency exchange plans to distribute more Soundbound Tokens (SBT) to address security issues on the platform.
