It is very important to understand that there are many token standards and that Kriptomat currently supports only the ERC-20 token standard when it comes to Ethereum-based token transactions.

What is the ERC-20 standard?

ERC-20 is a technical standard used to issue and implement tokens on the Ethereum blockchain. It was proposed in November 2015 by Ethereum developer Fabian Vogelsteller. The standard describes a common set of rules that should be followed for a token to function properly within the Ethereum ecosystem. Therefore, ERC-20 should not be considered as a piece of code or software. Instead, it may be described as a technical guideline or specification.

KEY TAKEAWAYS

  • An ERC-20 token standard is used for creating and issuing smart contracts on the Ethereum (ETH) blockchain.

  • Smart contracts can then be used to create a smart property or tokenized assets that people can invest in.

  • ERC stands for "Ethereum request for comment," and the ERC-20 standard was implemented in 2015.

  • Plenty of well-known digital currencies use the ERC-20 standard, including Maker (MKR), Basic Attention Token (BAT), Augur (REP), and OMG Network (OMG).

The ERC-20 standard has been a dominant pathway for the creation of new tokens in the cryptocurrency space for some time and that is why Kriptomat has decided to support ERC-20 standards for ETH-based token transactions.

ERC-20 is the most famous and widely used standard and the majority of Exchanges support this standard hence it is considered as a “golden standard” when it comes to ETH-based tokens.

Does Kriptomat support the BEP-20 or BEP-2 standards?

  1. Kriptomat DOES NOT support BEP-20 or BEP-2 standards, or any transactions associated with them.

  2. Kriptomat supports ONLY the ERC-20 standard.

What will happen if I send funds via the BEP-20 or BEP-2 standards to Kriptomat?

As we do not support the BEP-20 or BEP-2 standard, your funds will not be credited to your Kriptomat wallet for the time being.

Please keep in mind that we may not be able to refund or reverse this type of transaction.

This is why it is very important when depositing to Kriptomat wallets to check which standard you are using. Always make sure that you are using the ERC-20 standard for Ethereum-based tokens.

Will Kriptomat support the BEP-20 or BEP-2 standards in the future?

As BEP-20 and BEP-2 are the native standards of the Binance exchange platform, it is not supported anywhere but on Binance at the moment.

We at Kriptomat are customer-obsessed and pledged to deliver the best possible user experience to our valued customers, hence our Development team is working tirelessly on finding a solution that we can offer to our customers that have made the transfers via BEP-20 or BEP-2 standards but towards Kriptomat.

At the moment we do not have a confirmed ETA to share. However, as soon as we do have any news, we will share it with all our users.

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Do you still have any questions? Use the support chat to contact our support team or send us an email at [email protected]

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