How to Use Binance Bridge to Move Cryptocurrency From Other DeFi Blockchains

BSC News takes a closer look at how you can utilize Binance Bridge to move your crypto assets with ease.

By
Dardania Havolli
on
November 5, 2021
Category:
BSC News

Bridging Assets

A cryptocurrency bridge, much like in the traditional sense, allows users to move from one point to another. In this case, we are, of course, referring to the movement of crypto assets to different blockchains. 

You will initially need your own decentralized wallet, examples of which can be MetaMask, TrustWallet, or Binance Chain Wallet. For the purpose of detailing a specific bridge example, let’s assume that you are looking to transfer Tether (USDT) from Ethereum to Binance Smart Chain via Binance Bridge.

Source
  1. You will initially be required to select your designated asset (USDT). Then the network you will be sending your asset from (Ethereum), and the destination you wish it to arrive at (Binance Smart Chain). Type in the amount you wish to transfer and ensure it is above the minimum, a minuscule amount.

  1. After clicking ‘Next,’ you will receive the deposit address provided by Binance Bridge. You will also notice the network fee, which is highlighted below. You are then required to deposit the already agreed upon asset amount to the provided address. You will complete this within a specified period. Should you fail to meet the stipulated time, the tokens will be returned to the original address.
  1. The transfer time frame will depend on the confirmation of the block network mode, which will take time to process and require your patience. 

The general guidance is that if you are attempting to transfer a significant amount, you should initially begin with a tiny portion to verify that you have understood the process and have used the correct address. After this, you can go on to complete the overall amount. 

Binance Bridge was constructed to allow users to ensure the seamless transfer of their crypto assets, and the process itself is fairly simple once you have covered the bases.


About Binance Bridge

Binance Bridge is a crypto bridge service that provides access to inter-blockchain liquidity for Binance Chain, Binance Smart Chain decentralized applications,bringing valuable assets to Binance Chain ecosystems.

For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.

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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives. He holds bags mostly in BNB, SOL and IOTX.

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