Binance Smart Chain (BSC), which is the base blockchain for Binance, is rebranding itself and looking at expanding, according to a CoinDesk report Tuesday (Feb. 15).
BSC will now be called BNB Chain, standing for “Build and Build,” in an effort to connect it to the Binance BNB token, which is the governance token for that protocol.
The BNB Chain will be made up of two parts — the BNB Beacon Chain, which was previously Binance Chain, and BNB Smart Chain, formerly BSC.
Additionally, BSC will be compatible with the Ethereum Virtual Machine, which lets smart contracts go forward.
Binance has reportedly committed over $1 billion to support the BSC ecosystem, competing with other blockchains. BSC has seen some critiques, though, with detractors saying it’s too centralized and rug pulls taking place on the ecosystem.
Meanwhile, there’s a need for new rules to help banks get more certainty in handling crypto for big customers, a J.P. Morgan executive said, Reuters reported Tuesday.
The largely unregulated crypto market is evolving all the time and is worth around $2.7 trillion.
While the market is still small, there aren’t really any rules on the levels of capital needed to cover activities in crypto. As such, international banks and regulators are facing a kind of confusion they didn’t have before.
Big institutions like hedge funds are becoming more interested in crypto and have been looking to banks to act as their intermediaries, per the report.
Debbie Toennies, J.P. Morgan Chase head of regulatory affairs at its corporate and investment bank, said companies — some of them quite big — had been asking to hedge exposures to crypto assets.
“I do think we need a globally consistent regulatory framework. It’s important that we get to a solution as quickly as possible,” Toennies told an event held by the International Swaps and Derivatives Association, per Reuters.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More