Binance Announces Project Providing Cross-Chain Bridging Services

September 30th, 2020

Binance Announces Project Providing Cross-Chain Bridging Services It might be a slow week of the cryptocurrencies, but the same cannot be said for the world’s leading crypto exchange, Binance. In the latest development, the Malta-based platform announced the official launching of the Panama Project.

Binance’s official blog post stated,

“Binance is officially launching the Panama project, which aims to help Binance Smart Chain and Binance Chain in providing one-click, cross-chain bridging services. Panama will offer a convenient way to transfer digital assets from different blockchains to Binance Smart Chain and Binance Chain.”

Panama Project: In Brief

According to the official release, the project acts as a bridge service providing access to inter-blockchain liquidity for Binance Chain, Binance Smart Chain decentralized applications [DApps], and bring digital assets such as BUSD, USDT, and ETH to Binance Chain ecosystems.

Binance also revealed that by using Panama Project, crypto-assets can be converted between the native blockchain and Binance Chain/Binance Smart Chain and the conversion time is short. It takes around 2-3 minutes to execute a cross-chain conversion of crypto assets. Additionally, the project charges zero conversion fees. However, the users need to pay network fees on the blockchains that are being used.

Technical Analysis:

Binance Announces Project Providing Cross-Chain Bridging Services
BNBUSD-on-TradingView

Binance has been on a development spree and this has translated into a bullish price action for its native token, BNB which was up by 18.33% over the past seven days. It was currently trading at $28.44. According to BNB’s daily chart, BNB posted a rigid recovery despite a short-lived stint below an important support level. The sharp reversal has been primarily due to the platform’s work in the DeFi space which has helped BNB push clear the resistance.

On the chart, the 50 moving average [yellow] was above that of the 200 moving average [orange], a trend that has continued for more than three months. Further evidencing a bullish phase for the coin was the candlestick arrangement above the two moving averages as they formed critical support points for the coin at levels – $24.36 and $18.47. In addition, the Stochastic RSI also appeared to depict a bullish phase as the signal line hovered below the reading line.

Recent Developments

Coingape had earlier reported the roll out, Binance’s new ‘decentralized’ stablecoin protocol called Venus. The platform also unveiled Launchpad token sale and Launchpool farming for Alpha Finance Lab.

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