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Binance Launches Panama Project to Provide Cross-chain Bridging Services



Binance Launches Panama Project to Provide Cross-chain Bridging Services

Binance officially launches the Panama Project to provide users with cross-chain bridging services. Now with the help of just one click users can use Binance Smart Chain and Binance Chain cross-chain bridging services.

Binance shares the launch of Panama through the official blog post on 30th Sept 2020. So you might be wondering what is this Panama project? Basically, Panama will offer a “convenient way to transfer digital assets from different blockchains to Binance Smart Chain and Binance Chain.”

Binance tweet about Panama
Source: Twitter (@binance)

Panama serves as a bridge service on Binance Chain and Binance Smart Chain which provides access to inter-blockchain liquidity for decentralized applications.

With the help of these valuable assets like BUSD, USDT, and ETH would be brought to the Binance Chain ecosystem. Here are some of the advantages of Panama:-

  • Crypto assets can now be converted to between native blockchain and Binance Chain/Binance Smart Chain.
  • The best part is that the conversion time is very short. It usually takes 2-3 minutes to execute a cross-chain conversion.
  • Also, there is zero conversion fee on Panama. Only you have to pay the network fee on the blockchain that is used.
  • You can also use Panama without having a Binance account.

The supported assets on Binance Chain and Binance Smart Chain are BTC, BUSD, ETH & USDT. As per the official blog post of Binance, Panama will support more digital assets soon.

For more updates and to know more about Panama please visit the official blog post. Stay tuned with us for latest updates on news on Blockchain and cryptocurrencies.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.