Hassan Maishera
Binance, the world’s leading cryptocurrency exchange, announced via a blog post on Thursday, September 8th, that it has launched the Binance Account Bound (BAB).
According to its blog post, the BAB token is a soul-bound token used as proof of identity for Binance users who have completed KYC verification. The coin was launched on 2022-09-08 at 09:00 (UTC).
Following this latest development, Binance users can now mint BAB tokens on BNB Chain as identity credentials, participate in building multiple projects, and earn rewards, the team added.
Binance explained that;
“Binance Account Bound (BAB) tokens are identity credentials for Binance users who completed KYC verification. It will first be issued on the BNB Chain by Binance. A couple of projects on the BNB Chain will be introducing the BAB tokens as identity credentials to their communities. Once a verified Binance user creates a BAB token, the user will be able to participate in building the supporting projects on the chain and receive rewards. Details will be announced by BNB Chain at a later date.”
Binance listed the features of the BAB token to include;
- Non-transferable: Users cannot transfer BAB tokens to other users.
- Revocable: Users can revoke their BAB tokens.
- Unique: One verified Binance user ID allows the user to mint one BAB token only on a certain chain.
The cryptocurrency exchange urged its users to start minting their BAB token on the Binance app. Binance added that users who have completed KYC verification would be able to mint their unique BAB tokens.
In addition to that, Binance warned that a gas fee applies whilst minting BAB tokens, which will be deducted from the user's Funding or Spot Wallet on Binance. The initial gas fee is fixed at 1 BUSD. Finally, BAB tokens will be displayed on users’ on-chain wallet addresses.
The introduction of the BAB token further sets Binance apart from its competitors, cementing its place as the world’s largest cryptocurrency exchange. Positive Binance reviews also make it one of the most trusted cryptocurrency exchanges in the world.
