First Binance soulbound token BAB targets KYC user credentials

First Binance soulbound token BAB targets KYC user credentials

Binance cryptocurrency exchange is moving towards decentralized identity tools by launching its first-ever token designed to certify verified user status on the platform.

Binance on Monday announced the launch of the Binance Account Bound (BAB) token, aiming to address identity issues in the decentralized society (DeSoc).

In contrast to traditional crypto assets like Bitcoin (BTC), the BAB token is exclusively for online identification purposes and belongs to a type of Soulbound Tokens (SBT). Proposed by Ethereum creator Vitalik Buterin, SBTs are non-transferable, non-financialized tokens designed for DeSoc.

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According to the announcement by Binance, the ​​BAB token is the first-ever SBT issued on the BNB Smart Chain. The token is aimed at many different use cases in the DeSoc but will initiall serve as Binance Know Your Customer (KYC)

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