BTC - BEP20 Deposit & Withdrawal Available
07 May 2021
Koinbazar, India’s largest cryptocurrency exchange, has unveiled the all-new BTC-BEP20 deposit and withdrawal feature. Koinbazar is the first cryptocurrency exchange in India to introduce this feature for the crypto trading community.
Let’s explore its role and benefits.
Binance Smart Chain and BEP20:
Binance smart chain is a parallel Binance blockchain built to enable smart contracts. It comes with an Ethereum Virtual Machine-compatible environment.
As stated by Binance, ‘BEP20 is a token standard on Binance Smart Chain that extends ERC-20 and BEP-20 network, providing additional functionality that allows you to move your tokens between different blockchains and more.’
By moving Bitcoin (BTC) from your Koinbazar wallet to an external crypto wallet via BEP20 network, the withdrawal fee incurred is very low. Compared with the ERC20 network, traders can save a great deal of cryptos by transferring Bitcoin via the BEP20 network.
While withdrawing, just select the BEP20 network. It must be noted that the recipient wallet address must support BEP20 network for the low-fee withdrawal to take place.
Other cryptocurrencies that support BEP20 network deposit and withdrawal in Koinbazar are:
- Ethereum (ETH).
- Litecoin (LTC).
- USDT (Tether).
Koinbazar traders can make use of this unique feature to withdraw their cryptocurrencies at a low fee.