Binance Introduces New Feature For Enhanced Fund Management

Key Points:

• Binance now enables multiple deposit addresses for enhanced fund management.
• Ethereum network tokens and alternative networks are initially supported.
• Users can generate up to 20 deposit addresses per network, improving flexibility and participation in airdrops.

Leading cryptocurrency exchange Binance has responded to user feedback by launching a new feature that allows users to obtain multiple deposit addresses for a single network.

This new functionality aims to provide users with greater flexibility and efficiency in managing their funds on the Binance platform. Alongside this feature, Binance has also introduced a deposit address book function to facilitate the seamless management of multiple deposit addresses.

The introduction of multiple deposit addresses on the exchange is particularly beneficial for “airdrop hunters,” a term referring to users who actively seek out and participate in token airdrops. This feature has been previously launched on other centralized exchanges (CEXs), and its implementation on Binance is the platform’s competition and user experience.

Originally, this feature supported multiple deposit addresses for tokens on the Ethereum network (ERC-20) and Ethereum alternative networks like Arbitrum One and BNB Smart Chain. Binance plans to expand this functionality to include more blockchains in the future, providing users with a wider range of options.

Each user can generate up to 20 deposit addresses for each supported network, and Binance will regularly review this limit to determine if adjustments are necessary. This periodic evaluation ensures that Binance maintains an optimal balance between user convenience and platform stability.

To get started with the multiple deposit addresses features, users can follow a simple process. First, they need to visit the “Deposit Crypto” page on the Binance website or tap on the [Deposit] option in the Binance mobile app. From there, they can select the desired network to view a complete list of available deposit addresses. Users have the option to claim a new deposit address or manage their deposit address book, providing them with full control over their funds.

Binance continues to enhance its platform and address user needs, further solidifying its position as a leading cryptocurrency exchange. The flexibility and convenience provided by multiple deposit addresses empower users to manage their funds efficiently, streamlining their trading and investment activities.

With this latest feature, the exchange aims to provide an exceptional trading experience while prioritizing user satisfaction. Especially in the recent context that the market share of the exchange has been reduced because of legal issues with the US government.

Recently, the exchange has successfully integrated BTC on Lightning Network, and the deposit and withdrawal function has gone live. This initiative aims to leverage Lightning Network’s second-layer solution to enable faster and cheaper Bitcoin transactions.

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