The hardware wallets Ledger Nano S and Nano X can now store Altcoins in conjunction with Ledger Live, which are organized on the Binance Smart Chain (BSC). This is an important step for the Binance ecosystem.
The Binance Smart Chain (BSC) is the technological basis for DeFi and DApps in the Binance ecosystem and is attracting more and more projects. In addition to Binance Coin (BNB), a number of so-called BEP20 tokens are organized in the BSC, comparable to ERC20 tokens in the competing ecosystem of Ethereum (ETH). Therefore, the message from hardware manufacturer Ledger to support the BSC through Ledger Live is a big step forward, which is proudly advertised as a “milestone”.
BSC and Ledger Live – you should know that
Setting up Ledger for the Binance Smart Chain is very easy: You install the app for the BSC on your Ledger Nano S or Ledger Nano hardware wallet. You can then set up an account for the Binance Smart Chain there and confirm the address under which you will store and manage BNB and BEP20 tokens. From then on you can initiate transactions in the BSC via Ledger Live and no longer have to use a third-party software wallet. In addition to BNB, the stablecoin Binance USD (BUSD) and DeFi tokens such as PancakeSwap (CAKE) and The Graph (GRT) are important altcoins, which you can store as securely as possible on your Ledger Nano S or Nano X and in everyday life thanks to Ledger Live used comfortably.
Ledger advises not to confuse the Binance Smart Chain with the Binance Chain. The latter started in 2019 for BNB and was then further developed as a parallel blockchain in the Binance Smart Chain. The Ledger Hardware Wallets also support the Binance Chain and thus BNB. But the “one-stop shop” solution in combination with Leger Live is reserved for the Binance Smart Chain.
Conclusion: Ledger fulfills customer requirements
Ledger’s offers have established themselves as a quasi-standard in the crypto scene and the connection of BEP20 tokens and the BSC was certainly a need of many customers. In this way, the Altcoins from the Binance ecosystem catch up with the Ethereum ecosystem and the ERC20 tokens there, which have been fully integrated at Ledger for a long time in terms of secure storage and convenient management.
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