On Thursday Ledger announced that it now supports Binance Smart Chain (BSC) to manage your BNB and BEP20 tokens through its Ledger Live app. This can provide cheaper token transfer than through Ethereum.
Ledger Binance Smart Chain Support
Here’s how to get started:
- Open Ledger Live on your iPhone or Mac.
- Go to the Manager tab and install the Binance Smart Chain app
- On the Accounts tab, click on Add account and select Binance Smart Chain.
- Go to Receive, select your BSC account: your Binance Smart Chain address will be displayed.
- Use this address to securely deposit BEP20 tokens or BNB from the Binance Smart Chain on your Ledger.
As Ledger explains, “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.”