Binance, a global name in the cryptocurrency industry, announced the launch of Binance Chain, the company’s own mainnet with plans of a swap execution of its own token, Binance Coin (BNB), as per an announcement on 18 April.
The swap execution would take place on 23 April. The company first announced its plans of launching its blockchain in December 2018. Now the firm plans to build a framework for newly launched cryptocurrencies and tokens.
Binance Chain Mainnet Announcement Details
As per the official announcement, the company is currently in the production of blocks in compliance with the genesis block. Binance Chain Explorer and Web Wallet are currently available only in beta mode to select partners and enterprises. The software would be open to the public from 23 April.
The announcement also mentions details regarding the conversion of ERC-20 BNB tokens into Binance Chain-based BNB (BEP2) coins. The company made it severely clear that it will not approve of ERC-20 BNB token withdrawals after 23 April. No trading pairs would be up for listing until the conversion of BNB’s first batch.
The company is planning to release several BEP2 coins as there has been an increase in users converting their ERC-20 BNB to BEP2 Binance Coins, and the corresponding amount of ERC20 BNB would be discarded to keep the supply on both the networks same.
Binance is a crypto giant in itself. The company is ranked as the world’s third-largest cryptocurrency exchange according to daily trade volume. Binance recorded a profit surge of 66% in 2019’s first quarter. The company also recorded a profit of $78 million in its first quarter owing to a massive increase in its trading platform. Binance plans to become a major force and compete with the Ethereum network with reports of influencing developers to switch over to its own blockchain network.