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Binance Token Canal Enables Wrapped BTokens on Ethereum

2020-10-30 12:16
Fellow Binancians,
Binance has issued wrapped tokens on Ethereum through its Token Canal program. BTC, DOT, FIL and WRX will be the first batch of tokens to be wrapped into ERC20 tokens on Ethereum, as BBTC, BDOT, BFIL, and BWRX respectively. Deposits and withdrawals for these tokens are now enabled.
About BTokens
BTokens are ERC20 tokens on the Ethereum network created via the Binance Token Canal program. Binance will lock a portion of tokens on their own native chains and mint the same number of tokens as ERC20 tokens on Ethereum with a naming convention of B + [Token name], such as BBTC. To ensure transparency, Binance will also show the addresses of where the locked tokens are on our website in the near future.
The first batch of BTokens contracts on Ethereum can be found below:
Advantages of BTokens
  • BTokens are ERC20 tokens on the Ethereum network that represent a 1:1 peg of the same asset on their own blockchain.
  • Heightened security and risk control measures for the wrapped tokens are in place, as well as using the SAFU fund to ensure the safety of users’ assets.
How to Exchange BTokens? users can deposit or withdraw BTokens by selecting the ERC20 network option in the wallet when trying to deposit or withdraw.
For example, BBTC is the BToken token representing BTC wrapped on Ethereum:
  • To withdraw BBTC, users need to select the ERC20 network and input an ERC20 address on the BTC withdrawal page.
  • To deposit BBTC users need to select the ERC20 network when depositing BTC and acquire the ERC20 deposit address for BTC.
  • BTokens are supported on multiple networks. Be sure to select the correct network when withdrawing and depositing.
  • Please ensure that the withdrawal address is able to accept BTokens, otherwise the assets may be lost and will not be refunded.
Thanks for your support!
Binance Team
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