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Binance makes crypto transactions faster, confirmation requirements reduced

Binance.Marco Verch Professional Photographer and Speaker/Flickr

Wed, 10 Jul 2019, 06:52 am UTC

Cryptocurrency exchange Binance has announced the measures it is undertaking to make both deposits and withdrawals much faster. This works for both the Bitcoin and the Ethereum networks.

Binance detailed the changes that it is making in a recent post, noting bitcoin deposits will now have one less block confirmation to worry about instead of two. Bitcoin withdrawals will still have two block confirmations going for them.

On the other hand, coins on the ERC20 network will have only 12 block confirmation requirements. This goes for both withdrawal and deposits, which is down from the 30 that it used to have. That is a significant boost to the transaction speeds that traders can expect going forward.

On that note, it’s worth pointing out that Binance has no control over the confirmation requirements of BTC and ERC20 tokens, Coindesk reports. The crypto platform is simply willing to accept fewer confirmations as far as its own system goes.

In terms of services that the crypto platform has announced, this is only the latest in a string of recent developments that Binance has been offering. The announcement of stablecoins has been one of the more momentous of these along with a token that is pegged to bitcoin. It’s even launching a crypto futures trading platform that will supposedly come with a leverage of up to 20x.

Suffice it to say, Binance is committed to maintaining its spot as one of the biggest crypto entities in the world and it is doing so by giving traders and users more reasons to stay with it. It is also working to adhere to regulations via a variety of partnerships to combat money laundering.

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