Binance Debuts New Feature To Allow Users Create Multiple Deposit Addresses

Crypto alternate Binance simply made it simpler for its customers to obtain crypto. As we speak, the corporate launched a brand new characteristic enabling customers to acquire a number of deposit addresses for a single community, enhancing safety and privateness. In keeping with the corporate’s weblog, the choice to roll out the a number of deposit tackle options was made in response to constant buyer suggestions.

Binance Change Launches A number of Deposit Handle Function

In a current tweet, Binance announced its newest characteristic permitting customers to acquire a number of deposit addresses for a single community. A brand new deposit tackle guide operate has additionally been rolled out to permit straightforward administration of a number of deposit addresses. 

#Binance has launched a brand new characteristic enabling customers to acquire a number of deposit addresses for a single community.

Learn the way to say a brand new tackle right here 👇https://t.co/d8XZTybJTe

— Binance (@binance) July 17, 2023

Up to now, every person used to have a novel deposit tackle for every token. With the brand new replace, customers can create as much as 20 deposit addresses for every token on the Ethereum community (ERC20) and Ethereum different networks (e.g., Arbitrum One, BNB Sensible Chain).

Binance additionally introduced its intention to increase this characteristic sooner or later to incorporate different blockchains. Moreover, relying on the circumstances, the variety of deposit addresses could also be elevated or decreased.

This replace has been obtained positively as a number of addresses permit for extra easy flexibility for the accounting and reporting of crypto property, particularly for customers who need to preserve their funds separate for any cause. 

BNB worth holding regular at $243 | Supply: BNBUSD on TradingView.com

Binance is, nonetheless, not the primary crypto alternate to roll out this characteristic, as the choice to create a number of deposit addresses is turning into extra widespread. Kraken, a significant US-based crypto alternate, additionally permits its customers to generate as much as 5 distinctive deposit addresses. Nonetheless, just one tackle for ERC-20 cryptocurrencies could be generated. 

Binance Integrates The Lightning Community

Binance continues to stay the largest cryptocurrency alternate on the earth, even because it presently faces regulatory scrutiny from the US and after just lately leaving the Dutch and Canadian markets. As such, the alternate is consistently launching new options to its platform.

In a associated characteristic announced right this moment, the crypto alternate joined different main exchanges like Kraken and OKX to combine Bitcoin (BTC) on the lightning community. Consequently, the scaling resolution is now obtainable for customers to make use of for Bitcoin withdrawals and deposits. 

The lightning community is a layer-2 resolution that helps remedy the Bitcoin blockchain’s scalability drawback. This implies it helps to hurry up transaction occasions and decrease charges on the community.

Customers will now have the power to decide on the lightning community as an choice when making a withdrawal or deposit of Bitcoin. This follows on the heels of large community congestion, which resulted in a major delay in processing unconfirmed transactions throughout the Bitcoin mempool. 

Featured picture from PYMNTS, chart from TradingView.com