NEXO Moves Tokens To Binance Chain
By Jofor a.k.a. Cyberczar - 2019-07-28
Nexo recently announced
that it is moving 10 percent of its tokens to the Binance blockchain in the quest to strengthen relationship between the two blockchains. This is not the first time Nexo has built relationship with the exchange, but the recent move would have 10 percent of Nexo token supply migrated to Binance.
Nexo had earlier moved portions of its tokens to the Binance chain which was launched in April 2019. The migration was from the Ethereum ERC-20 blockchain from which the NEXO tokens were initially issued.
The Binance DEX is a platform that has seen the exchange realize its dream of having a decentralized platform of its own where users would take full control of their wallets while using the exchange.
The relationship between Binance and Nexo commenced in April 2018 after Nexo launched its Binance Coin support enabling holders of the BNB token to borrow against the backdrop of backing the assets borrowed with the BNB Coin of Binance.
Speaking on the migration, the chief Growth Officer of binance, Ted Lin said that it was exciting to see that more projects are migrating to the Binance blockchain. He called the binance chain, a robust blockchain ecosystem and said they were looking forward to working with Nexo.
In the same manner, the Nexo managing partner, Anthoni Trenchev said:
Nexo is delighted to support Binance in its bold move to build its cutting-edge blockchain which setting the standard for the development of the largest Decentralized Crypto Exchange — Binance DEX
The company stated that some of the advantages of the migration include faster transaction. He maintained that users who wish use their NEXO on the Binance chain would enjoy higher efficiency and lower fees. The move also would enable the trading of NEXO on the Binance exchange.