For BIP to be used in the world's best decentralized finance (DeFi) services beyond Minter, it will be issued on other blockchains under the BIPx ticker. It has already gone live on Ethereum July 1st, 2021, and is expected to arrive at Binance Smart Chain (BSC) September 1st, 2021.
When you withdraw BIP to another network, it is locked on Minter and released on a given network as BIPx. The reverse operation is similar: BIPx is burned on the external network and is unlocked on Minter as BIP. The exchange rate is always 1:1.
In short, BIPx is BIP mirrored onto the outer chains. To learn more, read this article.
This material serves educational purposes only. The information contained herewithin does not constitute an investment, financial, legal, or tax advice, and it is not an offer or solicitation to purchase or sell any financial instrument.