Cryptocurrency News

Binance Launches ‘Soulbound’ BAB Token, Enabling Users to Use Their Identity Credentials Within BNB Chain Ecosystem

By September 9, 2022 No Comments

Key takeaways:

  • Binance has launched Binance Account Bound (BAB) token, a soulbound token storing identity credentials
  • Every Binance user who completed KYC can mint one BAB token
  • BAB tokens will allow holders to use certain BNB Chain projects and earn rewards

Only users who have completed KYC verification can mint Binance Account Bound (BAB) token

Binance, the leading crypto exchange in terms of trading volume, announced on Thursday the launch of a soul-bound token called Binance Account Bound (BAB). BAB is a proof-of-identity digital asset that allows Binance users to transfer their identity credentials across different projects on the BNB Chain. 

The Binance team described BAB in yesterday’s announcement post:

“Binance Account Bound (BAB) tokens are identity credentials for Binance users who completed KYC verification. It will first be issued on the BNB Chain by Binance. A couple of projects on BNB Chain will be introducing the BAB tokens as identity credentials to their communities.”

Soul-bound tokens have initially been proposed by Ethereum co-founder Vitalik Buterin in January 2022 as a means of building one’s Web3 identity. In theory, a user could store multiple soulbound tokens, with each storing various aspects of personal information, like educational, financial, and other important personal data.

BAB is non-transferable, and every user can mint just one Binance’s soulbound token. In addition, BAB can be revoked at any time, if the user so chooses. 

Binance said that BAB holders would be able to participate in building supported BNB Chain projects and receive rewards in the process. The exchange added that further details about supported projects and rewards will be announced by BNB Chain “at a later date.”