Ledger now supports Binance Smart Chain

08/13/2021 | Blog posts

Ledger now supports Binance Smart Chain

At Ledger, we are on a quest to become a secure platform that powers the Web3 economy. Today, we are proud to reach a new milestone as we now support one of the world’s leading blockchain into Ledger Live*: Binance Smart Chain.

Binance Smart Chain is now within your reach in Ledger Live!

From now on, you can securely manage and transact BSC two native asset types: BNB, Binance Smart Chain native currency, and the BEP20 tokens, directly through Ledger Live and under the safest umbrella there is: your Ledger hardware wallet

At this stage, you may wonder: how do I manage my BNB & BEP20 tokens in Ledger Live?

Well, it’s really easy. All you need to do is:

  1. Install Binance Smart Chain app on your Ledger hardware device. 
  2. Once you navigate into the accounts tab, create a Binance Smart Chain account. 
  3. You can then verify and confirm the address to deposit your tokens.

Why access Binance Smart Chain through Ledger?

At Ledger, we enable you to be in full control of your digital assets. Your private keys remain tightly secured within your Nano hardware wallet, guaranteeing a hack-proof experience. You can manage all your digital assets securely without compromising ownership & control of your private keys.

Besides, while the current crypto ecosystem is strewn with DApps, exchanges, protocols, etc, Ledger Live is an ergonomic app with all you need to access a galaxy of Web3 services, under the same roof.  

What is Binance Smart Chain (BSC)?

Binance Smart Chain is, as the word suggests, a Blockchain built by Binance, the world’s largest crypto exchange in volume.

In April 2019, Binance launched Binance Chain (not to be confused with Binance Smart Chain), a Blockchain designed to facilitate fast and non-custodial trading. This protocol, however, lacked flexibility and scalability. That’s why the Binance Smart Chain was invented. 

Binance Smart Chain runs in parallel to the Binance Chain. It is able to support a large number of transactions at much cheaper gas fees and with lightning-fast transaction times. Its consensus mechanism is proof-of-authority, which is a variant of proof-of-stake but optimized for a small set of stakers. Unlike Binance Chain, BSC benefits from smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). 

Binance Smart Chain supports two native asset types: BNB, BSC native currency, and the BEP20 tokens (similar to ERC20 but on the BSC). 

Don’t confuse “Binance Smart Chain” with “Binance Chain”!

Binance Smart Chain and the Binance Chain are two different protocols. Although both are supported on the hardware wallet, only the Binance Smart Chain will be supported on Ledger Live.

You can click here to read our Ledger Academy article on Binance Smart Chain.

Conclusion:

At Ledger, what’s next on our horizon is clear: adding more and more services to provide you with the most secure gateway to the Web3 universe. Hence, adding Binance Smart Chain into Ledger Live is a concrete milestone to enrich your Web3 experience.

*Disclaimer: Exchange, lend, and other crypto transaction services are provided by third-party partners. Ledger provides no advice or recommendations on use of these third-party services.