Binance Adds Soulbound Token on BNB Chain for KYC Verified Users

Binance is adding a soulbound token, Binance Account Bound (BAB), for all KYC (know your customer) verified users, according to a recent announcement.

The token can be minted on BNB Chain and used as identity credentials across the Binance ecosystem. It will also be used to earn rewards for ecosystem participation.

"Once a verified Binance user creates a BAB token, the user will be able to participate in building the supporting projects on the chain and receive rewards," the announcement reads. "Details will be announced by BNB Chain at a later date."

Soulbound tokens are non-transferable and completely unique, which is why they're a good choice for identity verification. The tokens can, however, be revoked by users.

To create a BNB Smart Chain wallet, see Binance's guide here.

To complete KYC identity verification on BNB Smart Chain, see Binance's guide here.

To mint a Binance Acount Bound (BAB) token, see Binance's guide here.

Binance is not the first blockchain, protocol, or project to use soulbound tokens. Pudgy Penguins announced the release of its soulbound token to holders in August 2022.

Author Bio

Jason Bales

Jason is an NFT lead at Lucky Trader. He has been involved in the NFT space since CryptoKitties in late 2017 and got involved in NBA Top Shot in early 2021 (Series 1 Legendary From The Top LeBron James Block, anyone?). Now, he spends most of his days yelling, "get off my lawn" at the PEPE and Nakamigos kids.

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