Ammara
Binance Close to Launching First Soundbound Token, Binance Account Bound (BAB).
The world’s largest cryptocurrency exchange is planning to deploy more soundbound tokens (SBT) to tackle security issues on the platform.
Binance, the world’s largest cryptocurrency is prepared to launch its first soundbound and non-financialized token dubbed Binance Account Bound (BAB).
The cryptocurrency is built on Binance Smart Chain (BSC) and will be available exclusively on the exchange’s mobile application for iOS and Android users.
Binance will only allow users who have completed the necessary know-your-customer (KYC) requirements to mint the token when it eventually launches.
According to a report published by TechAsia, Binance intends to use BAB as KYC credentials in its current iteration.
Through this, it would be easier to identify KYC-verified accounts from accounts operated by bots. Additionally, third-party projects can also use the initiative to conduct token airdrops in the future.
Notably, Binance plans to deploy more sound-bound tokens in the near future, with the exchange planning to use the asset class specifically for security purposes.
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