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Ledger announced that it has added support for Binance Smart Chain (BSC), the new cryptocurrency chain from Asian exchange giant Binance. With this new support, users will be able to interact with BSC’s different decentralized applications (Dapps) and DeFi from their Ledger nano S and X devices.
The ad was given from Ledger’s official Twitter, with a link to the company’s blog explaining the new integration. Within the statement it was explained that the support would only be for Binance Smart Chain, not to be confused with Binance Chain, as the latter would not be available to use on devices.
Users who wish to use BSC on their Ledger devices, will only have to enter Ledger Live and install the BSC application, which will allow handling the native BCS currency and the BEP20 tokens.
Binance Smart Chain is a chain that was born in response to the scalability that the original Binance Chain lacked, launched in 2019 and within which the BNB cryptocurrency ran. The BSC chain offers increased scalability, along with the ability to execute smart contracts. Similar to Ethereum, it also allows you to create decentralized applications.
Binance Smart Chain and the latest hacks
Since the launch of this blockchain, several hacks have been known, such as the DeFi Spartan. Using a vulnerability within the protocol In the smart contract, the hacker was able to steal about $ 30 million, just in one weekend.
However, it is worth remembering that this type of attack is carried out directly on vulnerabilities present in the algorithm of a platform and not on the portfolio specific. In that sense, the security that a Ledger device can provide when storing private keys is much higher compared to an application wallet installed on the phone.