Binance Allows ETH2.0 Pledge Withdrawals: How Users Can Redeem Their BETH Holdings

On April 13th, according to official news, Binance released an ETH2.0 pledge withdrawal update. Users can redeem their BETH holdings into ETH in a 1:1 ratio starting from 16:00 on Binance’s ETH2.0 pledge page on April 19th.

Binance has released an ETH2.0 pledge withdrawal update, and users can apply for withdrawal from 16:00 on April 19th

Blockchain technology has revolutionized the world in many ways, with digital currencies like Bitcoin and Ethereum leading the way. Recently, Ethereum has introduced ETH2.0, a new iteration of the Ethereum blockchain that promises to be more secure and efficient than the previous version. Many users have pledged their ETH in support of the new iteration, and Binance has come up with an update that will allow users to withdraw their BETH holdings.
In this article, we will discuss the recent development on Binance, where users can redeem their BETH holdings into ETH in a 1:1 ratio starting from 16:00 on Binance’s ETH2.0 pledge page on April 19th.

What is ETH2.0?

Before we dive into the update, let us first discuss what ETH2.0 is. Ethereum 2.0 is the next major version of the Ethereum blockchain. It’s a major upgrade on the existing network, which promises to offer better functionality and higher transaction speeds alongside reduced energy consumption.
The update introduces sharding, a process that splits the blockchain into smaller pieces, allowing nodes to process transactions faster and more efficiently. Additionally, it introduces Proof of Stake (PoS) consensus algorithm, which replaces the current Proof of Work (PoW) algorithm. This PoS algorithm allows users to participate in the network’s validation process through staking instead of mining.

The Recent Update

On April 13th, Binance released an official update, making it possible for its users to withdraw their BETH holdings in support of ETH2.0. Binance is one of the largest cryptocurrency exchanges and supports the ETH2.0 upgrade, which undoubtedly encourages many users to join in the support.

How to Withdraw Your BETH Holdings

If you’re interested in withdrawing your BETH holdings, there are a few steps you need to follow. These steps include:

Step 1: Go to the Binance ETH2.0 Pledge Page

The first step is to go to the Binance ETH2.0 pledge page, where you will find a button labelled ‘Redeem BETH’. Click this button to get started.

Step 2: Convert Your BETH to ETH

Once you click the ‘Redeem BETH’ button, you will be redirected to a page where you can convert your BETH holdings into ETH. The conversion rate is 1:1, meaning that one BETH is equivalent to one ETH. In this section, enter your BETH amount and click ‘Confirm’ to initiate the conversion.

Step 3: Withdraw Your ETH

After your BETH holdings are converted to ETH, you can then proceed to withdraw your ETH to your preferred wallet. To withdraw, select the ‘Withdraw’ button, which will request you to add your Ethereum address and additional information. Once done, click ‘Confirm’, and wait for your ETH to reflect in your wallet.
It is important to note that the withdrawal process can take a considerable amount of time, depending on network congestion.

Conclusion

The announcement of the BETH redemption comes as welcome news for those who have pledged their ETH in support of Ethereum 2.0. The update makes it easier for users to withdraw their BETH holdings and convert them to ETH, which can then be withdrawn to their personal wallets. By doing so, Binance encourages more users to take a keen interest in the new iteration of Ethereum and support its growth.

FAQS

Q1. Can I still pledge my ETH on Binance?

Yes, Binance still accepts ETH2.0 pledge deposits and rewards users with BETH tokens for doing so.

Q2. How long does it take to withdraw my ETH?

Withdrawal times may vary depending on network congestion, but it usually takes between a few minutes to hours for the ETH to reflect in your wallet.

Q3. Is it safe to store ETH in Binance?

Although Binance boasts advanced security measures, it is always recommended to move your cryptocurrency to a personal wallet, as this gives you complete control over your holdings.