Firo, formerly known as Zcoin has announced its integration with Binance Smart Chain (BSC). According to the official blog, this integration has introduced BEP-20 FIRO and Binance Bridge support. While this bridge will support seamless conversion between native and BEP-20 FIRO, it will unlock inter-blockchain liquidity for the token
This integration is a piece of big news for the project which is on the verge of reactivating Lelantus, its new privacy payment protocols. Primarily, because the native FIRO once converted to the BEP-20 version will enjoy support from Metamask, Trust Wallet, Binance Chain Wallet, and more. Additionally, the users can enjoy direct withdrawals of FIRO (BEP-20) on the Binance Exchange.
Interoperability vs privacy
With the implementation of the Lelantus Protocol on mainnet in January 2021, Firo introduced “on-by-default” privacy. This would ensure, the transactions sent by official wallets stay private. Basically, the users would have to select privacy explicitly. However, the team had to disable it to investigate some suspicious transactions in February 2021. Recently, the team released a video talking about the Lelantus reactivation and the events surrounding it.
According to the official blog, BEP-20 FIRO will not enjoy the same level of privacy as the native tokens. However, to make it usable for different purposes, its participation in the multi-blockchain cryptocurrency ecosystem is very important. That is why the team is working with other popular chains for integrations. Effectively, this will increase the utility of the tokens.
Not to forget, the existing Ethereum DeFi bridge via Stakehound (stFIRO). Basically, stFiro, are the tokens that are sitting in masternodes wrapped as an ERC-20 token. As the stFiro are sitting in masternodes, they accrue masternode rewards along with other liquidity incentives.
In the last 24 hours, the token is up by over 4.1% and is trading close to $9.55 at the time of press. Do checkout our technical analysis of this revolutionary privacy token.