Revolutionary DeFi BankSocial launches on Binance Smart Chain

Revolutionary DeFi BankSocial launches on Binance Smart Chain

By Pavithra R

BankSocial, a peer-to-peer social consensus lending platform that aims to revolutionize the way the blockchain is used for lending, has announced incorporating the Binance Smart Chain into its existing $BSOCIAL ecosystem.

Through the integration, the Binance Smart Chain will expand global access to the BankSocial community while building value for current $BSOCIAL token holders. Utilizing first-of-its-kind advancements in smart chain technology, BankSocial anticipates issuing its first loans in 2022.

“The Binance Smart Chain is one of the most popular trading platforms used by crypto enthusiasts outside of the United States and Europe and will provide millions of additional daily users with the opportunity to trade $BSOCIAL tokens. One of the primary advantages of the Binance Smart Chain is that it allows for smaller trades with lower transaction costs, reducing barriers to entry for many individuals. By adding to our existing liquidity pool, trading on the Binance Smart Chain will help us achieve the objectives on our Roadmap faster and has brought us one step closer to issuing our first asset-backed loans,” said John Wingate, CEO of BankSocial.

BankSocial’s innovative approach to lending aims to create a financial structure where individuals can fund loans for other individuals and share the interest. $BSOCIAL token holders who choose to stake their tokens into the BankSocial lending system will receive proportional distributions of the interest collected from each loan. At the same time, all token holders can continue to build passive value by purchasing and selling $BSOCIAL tokens.

BankSocial is the first and only decentralized banking and finance platform built from the ground up on the Blockchain, that pays the banks members for holding tokens to fund loans. Currently, Live trading on Pancake Swap, a Binance Smart Chain-based decentralized exchange, is underway. Additionally, $BSOCIAL trading amongst Ethereum-based decentralized exchanges such as Uniswap and 1inch, and centralized exchanges such as Digifinex, Hotbit, Bilaxy, and Bibox, is also in progress. The firm has announced that all existing Ethereum-based tokens and trading platforms will continue to be a part of the $BSOCIAL ecosystem, with the Binance Smart Chain adding to global daily trading volume.

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