Cobo, a crypto asset management and wallet platform, today announced the addition of Binance Smart Chain (BSC) support for both Cobo Wallet and Cobo Custody. Customers that work with Cobo Custody get one-click support for BSC. Moving forward, the two companies will support each other in various fields, including the DeFi ecosystem, asset security, community building, market expansion, and more.
BSC is a sovereign smart contract blockchain that delivers Ethereum Virtual Machine (EVM) compatible programmability. It runs in parallel with the Binance Chain, and retains fast execution times and low transaction fees with smart contract functionality to support compatible dApps. To date, the BSC ecosystem has linked up with on-chain projects in nearly 26 different areas, covering sub-fields such as DeFi, gaming, NFTs, and dev support.
The BSC integration on Cobo will allow users to enjoy 0 fees, instant confirmations, and reduced transaction costs via the Loop network. The Loop network is initiated by Cobo Custody, Asia’s biggest custody service provider, and was initially established in November 2019. Loop is an all-in-one assets transfer network based on blockchain, aiming to solve the problems of blockchain network transaction congestion and excessive transaction fees by offering clearing and settlement services that are similar to traditional financial institutions. All users in the Loop can transfer instantly without any fee. Its mission is to establish the safest and fastest settlement network to scale operations.
Currently, members of the Loop network include F2pool, MXC, Bibox, Cobo Wallet, Wootrade, and others. The existing ecosystem has essentially opened up a variety of upstream and downstream companies within the blockchain ecosystem. So far, Loop has formed a network built around the three major sectors of the cryptocurrency industry: exchanges, wallets, and mining pools. It is also attracting more blockchain practitioners to join the network, such as asset management teams, cloud computing power, market makers, lenders, and other institutions.
Cobo’s access to BSC facilitates seamless interactions between projects on the BSC chain and members of the Loop network. This leads to the faster and more efficient movement of tokens between blockchain networks, thereby becoming an important part of the decentralized underlying infrastructure.
BSC also has relatively early blue ocean market dividends. In the coming future, exchanges powered by Cobo Custody will be able to access the BEP-20 protocol along with the high-quality BSC project resources. They will also be able to support BSC’s on-chain DeFi products to give their users a much faster and convenient experience in transacting assets.
“Cobo has always paid close attention to innovations in the DeFi field. BSC has lowered the threshold for users to make use of DeFi products and services by providing faster transfers and lower fees. Access to BSC makes the Loop network ecosystem more complete and brings a new twist to the network’s members.”
– Heaven Cui, Head of Cobo Custody