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.
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.