MyEtherWallet (MEW) integrates with Binance Smart Chain

Karthik Subramanian

In a significant development, MyEtherWallet (MEW) has announced the launch of a bridge that would help the users of the MEW wallet to move their funds to Binance Smart Chain and vice versa,

This would help the developers and the users not only to move funds but to develop on either of the blockchain networks and the users and the developers would be able to enjoy the best of both worlds. For a long, we have been advocating that the blockchain networks should seriously think about cross-chain adaptability and not let the crypto ecosystem get distributed across multiple blockchain networks that don’t adapt or not to each other.

“More ways to interact with your digital assets is how the Ethereum ecosystem grows,” said Kosala Hemachandra, Founder and CEO of MEW. “For us, although we began as the original wallet interface for Ethereum, we view multi-chain development as an important way to increase accessibility to the rich ecosystem of Ether and DeFi.”

With the option to move funds across ETH and BSC chains, the user can now choose the network that offers the lower fees for transactions and this would likely improve the usage of the MEW wallet in the long run as the integration of the bridge is within the wallet app on Android.

MEW was one of the first wallets for the ETH ecosystem and has been around for a long. While the website version recently upgraded for version 6.0, the wallet app is expected to upgrade to 2.0 in the coming months which would take into account that Ethereum would be scaling to a very large extent when its own Version 2.0 releases next year.

“To provide an easy channel to blockchain and crypto is one of the critical missions for the BSC, as it will minimize the barriers for non-crypto users to participate in fruitful and innovative decentralized Dapps. MEW supporting BSC will introduce very user-friendly tools to support cross-chain bridging and access close to thousands of Ethereum and BSC eco-system seamlessly. We also believe this collaboration will inspire more adoptions and new opportunities on the cross-chain and multi-chain DeFi Legos .” Said Samy, BSC Eco-system Coordinator.

It is indeed great for the crypto ecosystem that there are many projects underway that looks to bridge the different blockchains. Recently, we reported that Neon had introduced an EVM for Solana so that the Dapps could be ported over into eitherr blockchain which basically brings in multi-chain adaptability between Solana and Ethereum.

Read this next

Retail FX

ThinkMarkets expands CFDs lineup to over 4000 ETFs and shares

ThinkMarkets has expanded its service offering by incorporating 2500 new CFDs on shares and ETFs on its ThinkTrader platform.

Retail FX

France regulator warns investors of Omega Pro, Businessempire.fr

France’s financial markets regulator alerted investors that scams related to Omega Pro Ltd are beginning to circulate, with the blacklisted firm capitalizing on the situation to run a range of “unrealistic” offers.

Digital Assets

Web3 platform Grand Time paid $2 million in token earnings to date

Community-driven Web3 platform Grand Time said its offering – which includes a multifaceted platforms and its native token – has been gaining significant traction highlighted by impressive operational metrics.

Institutional FX

FX volumes at MOEX halved in April as ruble gains gorund

Currency trading at Moscow Exchange (MOEX) halted its upward route in April as monthly volumes nearly halved from a month earlier.

Digital Assets

FTX US adds stock trading, fractional shares to crypto platform

FTX US, the American subsidiary of crypto exchange FTX has kicked off stock trading feature to its customers in an effort to compete with popular platforms such as Robinhood and eToro.

Industry News

UK FCA empowered to remove brokers’ permissions in 28 days

Businesses with permissions they don’t need or use, risk misleading consumers. These new powers will enable us to take quicker action to cancel permissions that are not used or needed.

Industry News

CFTC charges $44m Ponzi scheme but millions may have fled to foreign crypto exchange

The CFTC alleged that defendants transferred millions of dollars to an off-shore entity that, in turn, may have transferred funds to a foreign cryptocurrency exchange. None of these funds were returned to the pool.

Technology

Saxo Bank deploys Adenza to address Basel and EBA requirements

The integration of ControllerView will enhance Basel-driven capital calculations and reporting at Saxo Bank in support of the bank’s multijurisdictional capital and liquidity reporting requirements throughout Denmark, Switzerland and UK, with plans to expand into the Netherlands.

Executive Moves

ComplySci appoints CTO, CPO, and CLO to further regtech’s product expansion

ComplySci offers compliance software used by more than 1400 global institutions to identify risk and address regulatory compliance challenges.

<