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Binance to launch the world’s first cryptocurrency for user identification
The cryptocurrency exchange Binance has introduced a new product to the community — Binance Account Bound (BAB) identification tokens. From now on, all Binance customers who have registered and passed KYC verification will be able to create them. The token will store credentials in the BNB network, which will allow users to seamlessly use all products of the decentralized cryptocurrency ecosystem. BAB will also allow users to participate in the creation of special projects and receive rewards for this. Binance promises to provide more information about the projects later.
Introducing the #Binance Account Bound BAB Token, the first-ever Soulbound Token on @BNBCHAIN!
BAB tokens are non-transferable tokens that work as identity credentials for Binance users who have completed KYC verification.
Find out more ➡️ https://t.co/03TKuyXZBC pic.twitter.com/BKSWnM4jJL
— Binance (@binance) September 8, 2022
Binane also spoke about the features of BAB tokens:
- BAB is a non-transferable and non-financial token designed exclusively for the decentralized community.
- Binance Account Bound belongs to the Soulbound token standard or SBT(a concept proposed by Vitalik Buterin), which means it will be impossible to transfer to a third party.
- Users can withdraw their minted BAB tokens, which will be followed by a 72-hour account lockout period. After the lockdown period expires, users can mint new BAB tokens again.
- The BAB token is the first ever SBT token to be issued on the BNB Smart Chain blockchain.
Binance has also published instructions on how to mint the BAB token.
Earlier, the cryptocurrency exchange Binance announced that starting from September 29, it will automatically convert USDC, USDP, and TUSD stablecoins on users' accounts into BUSD. The changes will affect almost all functions and services of the platform. Representatives of the exchange noted that in the future, they may change the list of stablecoins that will be subject to automatic conversion.