Cobo + Binance Smart Chain Goes Live, Further Expanding the DeFi Ecosystem

Leading crypto asset management platform Cobo has 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.

In September 2020, Cobo launched support for the secure storage and management of Binance Chain and BNB. As the leading crypto asset management platform in the industry, Cobo already offers support for 50+ chains and 1000+ tokens.

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 Contracts functionality to support compatible dApps.So far, 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 Cobo integration will allow users to enjoy 0 fees, instant confirmations and reduced transaction costs via 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 crypto currency 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 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.

Heaven Cui, head of Cobo Custody products, said that 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.

About Binance Smart Chain

Binance Smart Chain is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Designed to run in parallel with Binance Chain, Binance Smart Chain retains the former’s fast execution times and low transaction fees while adding Smart Contracts functionality to support compatible dApps.

For more information on Binance Smart Chain, visit https://www.binance.org/#smartChain.

About Cobo

Cobo is a leading producer of software and hardware blockchain products. As a company, it emphasizes long-term security, reliability, and convenience. Cobo’s key products and services reflect that vision. Altogether, Cobo offers a one-stop crypto asset financial service platform (Cobo Wallet), tailored custodial solutions for institutional investors (Cobo Custody), and an offline hardware crypto wallet (Cobo Vault). With support for over 1,000+ tokens, it aims to be a one-stop shop for everything crypto.

For more info about Cobo, visit cobo.com.