Loom Network Plans to Make LOOM a Multi-chain Asset

The Loom Network, an ecosystem for games and social applications, has announced that it plans to make the LOOM token a multi-chain asset, starting with the Binance Chain (BNB). According to the statement, this will be a natural development of the Loom Network — the network is already interoperable with Ethereum, Binance Chain and TRON (TRX), and Bitcoin (BTC) and Cosmos (ATOM) are planned as future additions. The team noted the following:

“A multichain token is one that is portable across different networks. LOOM started as an ERC20 token on Ethereum and then became a native token on our Basechain — and it is already portable between the two chains. Moving forward, there will be LOOM tokens on various sister chains, and they will be interchangeable and transferable using our Transfer Gateway.”

As a first step, the Loom Network plans to integrate LOOM into the Binance Chain using the BEP2 token standard — this will serve as a testing ground for the Loom Network process; the team will appreciate the appetite of investors and developers for the BEP2 token.

A week ago, Loom Network announced plans to go beyond the games and focus on decentralized financial, government and corporate applications for its Basechain.

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