Binance Debuts New Feature To Allow Users Create Multiple Deposit Addresses
Crypto exchange Binance just made it easier for its users to receive crypto. Today, the company launched a new feature enabling users to obtain multiple deposit addresses for a single network, enhancing security and privacy. According to the company’s blog, the decision to roll out the multiple deposit address features was made in response to consistent customer feedback.
Binance Exchange Launches Multiple Deposit Address Feature
In a recent tweet, Binance announced its latest feature allowing users to obtain multiple deposit addresses for a single network. A new deposit address book function has also been rolled out to allow easy management of multiple deposit addresses.
#Binance has launched a new feature enabling users to obtain multiple deposit addresses for a single network.
Find out how to claim a new address here 👇https://t.co/d8XZTybJTe
— Binance (@binance) July 17, 2023
In the past, each user used to have a unique deposit address for each token. With the new update, users can create up to 20 deposit addresses for each token on the Ethereum network (ERC20) and Ethereum alternative networks (e.g., Arbitrum One, BNB Smart Chain).
Binance also announced its intention to extend this feature in the future to include other blockchains. Additionally, depending on the circumstances, the number of deposit addresses may be increased or decreased.
This update has been received positively as multiple addresses allow for more effortless flexibility for the accounting and reporting of crypto assets, especially for users who want to keep their funds separate for any reason.
BNB price holding steady at $243 | Source: BNBUSD on TradingView.com
Binance is, however, not the first crypto exchange to roll out this feature, as the option to create multiple deposit addresses is becoming more common. Kraken, a major US-based crypto exchange, also allows its users to generate up to five unique deposit addresses. However, only one address for ERC-20 cryptocurrencies can be generated.
Binance Integrates The Lightning Network
Binance continues to remain the biggest cryptocurrency exchange in the world, even as it currently faces regulatory scrutiny from the US and after recently leaving the Dutch and Canadian markets. As such, the exchange is constantly launching new features to its platform.
In a related feature announced today, the crypto exchange joined other major exchanges like Kraken and OKX to integrate Bitcoin (BTC) on the lightning network. As a result, the scaling solution is now available for users to use for Bitcoin withdrawals and deposits.
The lightning network is a layer-2 solution that helps solve the Bitcoin blockchain’s scalability problem. This means it helps to speed up transaction times and lower fees on the network.
Users will now have the ability to choose the lightning network as an option when making a withdrawal or deposit of Bitcoin. This follows on the heels of massive network congestion, which resulted in a significant delay in processing unconfirmed transactions within the Bitcoin mempool.
Featured image from PYMNTS, chart from TradingView.com
