Binance grabbed 43,000 BTC in dip

Binance exchange planning something new for Bitcoin lovers. They are adding Bitcoin in their wallets continuously. 

Binance is a popular crypto exchange and this exchange is known for its pro-level crypto services to multiple countries’ crypto users. At present Binance is at that level where, where no one is in competition. However, some scrutiny issues surely impacted the growth of the Binance exchange. 

We can see how Bitcoin is dumping with new differences, since the mid of December 2021. The majority of the wealthy people are continuously buying Bitcoins. Whether it is El Salvador country or software company Microstrategy or any other company.

According to the available Bitcoin blockchain explorer, a wallet address that belongs to the wallet of Binance exchange added a total of 43,000 Bitcoins. So now, the total value of the wallet is $5.5 billion.

Right now, this wallet address holds a total of 121,396 BTC. 

Earlier, people were guessing who is behind this wallet but later, Binance exchange himself responded to the community and confirmed that it is reserved Bitcoin wallet of Binance exchange and also exchange is collecting these Bitcoins to issue BTCB ( wrapped form of Bitcoin assets). 

Binance tweeted 

“The intended use of wallet address “3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb” was for the company to issue several crypto-pegged tokens on Binance Chain, starting with BTCB, a BEP2 token pegged to BTC”

This wallet has been used to mint 13,001 BTC in the BSC, labelled as Binance BTC. The owner of this wallet never sold a single Satoshi. 

Bitcoin pegged token 

The trend of Bitcoin pegged tokens is surging. However not many records are available but there are many Bitcoin pegged Bitcoin tokens, which are helping users to transfer Bitcoins from one place to another place at a low cost. 

Right now, Bitcoin pegged Binance Bitcoin ( BTCB) is available on the Bep20 network. And this network is in use at multiple crypto platforms, in particular Trust wallet. 

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