The largest cryptocurrency exchange platform in the world, Binance has announced a rebranding option for its blockchain project. The Binance Smart Chain has been rebranded as the BNB chain. The new strategy postulates the idea that Binance exchange plans to make the blockchain project into an independent and separate enterprise.
The rebranding is also extended to the native token of the Binance blockchain. With the new changes, the BNB token is now known as the Build and Build token. Previously, the tabloids referred to the Binance blockchain native token as Binance Coin. The Binance exchange has been facing regulatory issues with financial regulators across the globe that might have inspired the recent changes.
Samy Karim is the BNB ecosystem Coordinator who recently told media outlets that the main reason for the rebranding was growth. He further explained that over the years, the Binance smart chain project has grown tremendously and become bigger than the Binance exchange. Karim even claimed that the BNB Chain now offers more use cases than Binance exchange.
He clarified that the original abbreviation of the BNB coin was tweeted by the founder of the blockchain CZ before. According to him, in the upcoming years, the blockchain ecosystem has plans to go multichain. Recently Binance founder CZ tweeted that the real meaning of the BNB coin stands for Build and Build, which explains the recent changes.
BNB Chain project recently shared the plans for a new program called the MetaFi. The word is taken from two projects, Metadata and DeFi. The new project will focus on creating new technologies under the umbrella term of MetaFi. The developers will be able to work on projects like Web3, SocialFi, GameFi, and NFT among others.
MetaFi is explained as a game-changing project for the BNB Chain ecosystem. Binance explained that with the new changes, the project would be able to create interchangeable bridges between various blockchains. The users will be able to make cross-chain transactions and send other data for communication and entertainment purposes.