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Binance to burn all ERC20 tokens in their hot, cold wallets; will convert them into BEP2 tokens |

Changpeng Zhao, CEO and Founder of Binance, today announced the burn of ERC20 tokens present in the exchange’s hot and cold wallets. An equal amount of BEP2 tokens will be generated after the burn, all of which will be deposited in a new wallet.

CZ tweeted,

.@Binance will convert all the ERC20 $BNB tokens in our hot & cold wallets to native BEP2 tokens. To achieve this, all the ERC20 BNB tokens in our hot & cold wallets will be burned and equal amounts of BEP2 tokens will be sent from the creator address to our new BNB cold wallet

— CZ Binance (@cz_binance) May 16, 2019

This new update is for Binance DEX and details for the same are available on the DEX explorer. The current balance of the Binance DEX wallet is $372,152. Binance DEX was launched after Binance developed their own blockchain on top of Binance Coin.

Moreover, a lot of crypto-projects have since migrated from different platforms onto the Binance blockchain. Some of the projects on Ethereum with ERC20 tokens have already moved to BNB blockchain, like Bolt Global’s migration to Binance Chain on May 10.

CZ added,

“The address of the new BEP2 $BNB cold wallet is: bnb142q467df6jun6rt5u2ar58sp47hm5f9wvz2cvg. View its contents any time, or even watch the migration in real-time with the @binance_dex explorer: explorer.binance.org”

A Twitter user, @Kriptoporstalk, commented,

“This is great! I would love a simple solution to transfer the tokens in my wallet, maybe @TrustWalletApp can cook something up?”

Another Twitter user, @Wissenshungerr, commented,

“Man, you are strong in the transparency Game! It’s such a great lesson for me to see how much impact this can have on the costumers! I will implement this behavior into my private and work life. Transparency leads to less uncertainty and increases trust and satisfaction!”

The post Binance to burn all ERC20 tokens in their hot, cold wallets; will convert them into BEP2 tokens appeared first on AMBCrypto.

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