Cobo, a crypto asset management and wallet platform, today announced the addition of Binance Smart Chain (BSC) support for Cobo Wallet and Cobo Custody. Customers who work with Cobo Custody get BSC support with one click. Going forward, the two companies will support each other in a variety of areas including the DeFi ecosystem, asset security, community building, market expansion, and much more.
BSC is a sovereign blockchain for intelligent contracts that offers programmability compatible with Ethereum Virtual Machine (EVM). It runs parallel to the Binance chain and offers fast execution times and low transaction fees with intelligent contract functions to support compatible dApps. So far, the BSC ecosystem has linked up with on-chain projects in nearly 26 different areas, covering sub-areas such as DeFi, gaming, NFTs and developer support.
BSC integration in Cobo enables users to receive 0 fees, instant confirmations and reduced transaction costs over the loop network. The loop network was initiated by Cobo Custody, Asia’s largest custody service provider, and originally founded in November 2019. Loop is an all-in-one asset transfer network based on blockchain, which aims to solve the problems of congestion and congestion in blockchain network transactions by offering clearing and settlement services similar to traditional financial institutions . All users in the loop can transfer instantly with no charge. Its mission is to build the safest and fastest settlement network to scale operations.
Currently, the members of the loop network include F2pool, MXC, Bibox, Cobo Wallet, Wootrade and others. The existing ecosystem has essentially opened up a multitude of upstream and downstream businesses within the blockchain ecosystem. So far, Loop has formed a network that revolves around the three main sectors of the cryptocurrency industry: exchanges, wallets, and mining pools. It is also attracting more blockchain practitioners looking to join the network, e.g. B. Asset management teams, cloud computing power, market makers, lenders and other institutions.
Cobo’s access to BSC enables seamless interaction between projects in the BSC chain and members of the loop network. This leads to a faster and more efficient movement of tokens between blockchain networks and thus becomes an important part of the decentralized underlying infrastructure.
BSC also has relatively early blue ocean market dividends. In the coming future, exchanges operated by Cobo Custody will be able to access the BEP-20 protocol along with the high quality BSC project resources. They can also support BSC’s on-chain DeFi products to provide their users with a much faster and more convenient asset transaction experience.
“Cobo has always paid great attention to innovations in the DeFi area. BSC has lowered the threshold for users to use DeFi products and services by providing faster transfers and lower fees. Access to BSC completes the loop network ecosystem and brings a new twist to the members of the network. “
– Heaven Cui, Head of Cobo Custody