Binance Introduces Soulbound Token (SBT) KYC on BNB Chain

Cryptocurrency exchange Binance has revealed that it will soon launch KYC in the form of soulbound tokens (SBT) on the BNB Chain. This immutable NFT can be used in applications on this blockchain by investors who have completed their identity verification.

Binance will deploy KYC linked to a soulbound token

In a blog post, Binance revealed on Monday that the exchange is set to issue the first soulbound token (STB) on the BNB Chain. This one, named the Binance Account Bound (BAB)will be issued to users of the mobile application, once their Know Your Customer (KYC) verification has been completed.

The concept of SBTs emerged this year under the leadership of Vitalik Buterin. It is a special form of non-fungible token (NFT) viz associated with an address and therefore an SBT cannot be transferred. This technology is therefore perfectly suited to the field of decentralized digital identity (dID).

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A SBT to browse the BNB Chain

With this potential sign, Binance is part pioneers to use this innovation on a large scale. The whole point of this initiative lies in the fact that it can be used in various BNB Chain applications.

In fact, regulars of decentralized finance protocols (DeFi) know how tedious it is to constantly change your KYC. For example, the latter especially imposed on launchpads, which are the project launch platforms. And for good reason, the latter, among other things, is prohibited for residents of some countries such as the United States. A KYC then makes it possible to verify that do not live in one of these countries.

Binance Account Bound will thus allow this verification to be bypassed. In fact, all information can be represented by this SBT, which saves a lot of time. To configure his BAB, the user has the option of linking it to an existing address, or creating a new one especially for the occasion.

Through this experiment, Binance offers only one of the many application cases that can be found for soul tokens. It is certain that this technology can development in the coming yearsto cover many fields.

👉 Also in the news – Aave’s DAO unanimously confirms the launch of stablecoin GHO

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Source: BNB Chain Blog

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