Binance enhances Web3 accessibility with the launch of Binance Inscriptions Marketplace.
Users can now easily buy, sell, and mint a wide assortment of inscription tokens directly from the platform, hosted on the Binance Web3 Wallet. Let’s see all the details below.
Summary
Web3 accessibility within everyone’s reach thanks to Binance
As anticipated, Binance, the extensive blockchain ecosystem with over 172 million global users, recently announced the launch of the long-awaited Binance Inscriptions Marketplace.
Integrated within the Binance Web3 Wallet, a self-custodial cryptographic wallet built into the Binance app, the Marketplace offers an accessible and intuitive platform for purchasing, selling, and creating a wide range of inscription tokens.
The subscription tokens represent a variety of fungible tokens that allow the creation of digital artifacts on the blockchain. These can store various types of data, such as text or images, generate non-fungible tokens (NFTs), and support decentralized applications (dApps).
Among the BRC-20 tokens, minted through the Ordinals protocols on the Bitcoin blockchain, BRC-20 tokens are particularly popular.
As highlighted by a report from Binance Research, there has been a significant increase in coin minting volumes for subscriptions after the initial conception of BRC-20 in March 2023.
The Binance Inscriptions Marketplace offers users a range of features to explore the world of subscription tokens.
Among these, we see access to unlimited options: the possibility to buy, sell or mint BRC-20 tokens, EVM tokens, and many other forms of subscription tokens.
Seamless transfers, meaning the easy movement of registrations between the Binance exchange platform and the Web3 Wallet with a simple click. Finally, faster transactions thanks to the BTC Transaction Accelerator.
Some statements regarding the latest news from the exchange
Rohit Wad, Chief Technology Officer of the world’s largest crypto exchange, shared his excitement by stating the following:
“Binance recognizes the revolutionary potential of blockchain technology in empowering individuals. We are particularly encouraged by the enthusiasm and adoption of the enrollment technology within the global cryptocurrency community. New innovations generate new use cases and bring added value to the space, positively contributing to the entire industry. Thanks to our partnerships with industry leaders, we can drive these innovations faster, offering convenience and advanced technology to all users.”
In addition, Rohit explained that with the introduction of the Binance Inscriptions Marketplace, the aim is to support the sector by providing a unique portal that allows a wider audience to explore, experiment, and benefit from inscription tokens.
“Our aspiration is that the simplified process makes the experience more accessible and enjoyable for everyone.”
To facilitate users’ entry into the world of registrations, the Binance Inscriptions Marketplace leverages the UniSat API, an innovative marketplace in the field of ordinals and registrations.
This strategy allows users to access the liquidity depth of UniSat and take advantage of over 60,000 BRC-20 tokens, while enjoying the simplicity, convenience, and security offered by the Web3 Wallet.
Lorenzo, Director of UniSat, has shared the following:
“We are honored to collaborate with Binance for the launch of the Binance Inscriptions Marketplace. Binance’s commitment to innovation aligns perfectly with our vision of promoting positive growth in the industry. We, at UniSat, believe that inscription activities have tremendous potential for the future. We hope that this significant step forward by Binance, as a supporter of inscriptions, can inspire more developers and cryptocurrency enthusiasts to explore this exciting field.”
The deposition of assets at crypto-friendly banks
Among other news, the crypto exchange has recently opened the possibility for large traders to deposit their assets in external banks.
Previously, Binance users were limited to depositing their assets directly on the platform or through its custody partner, Ceffu.
However, the new changes now allow customers to use crypto-friendly financial institutions, such as Swiss banks Sygnum or FlowBank.
According to the Financial Times, this decision could reflect users’ concerns related to Binance’s regulatory controversy in the United States.
The company was fined 4.3 billion dollars in November, in addition to concerns caused by the failure of the rival exchange FTX one year earlier.
A manager of a commercial company, quoted by the FT, stated that they prefer to keep their funds in a Swiss bank rather than at the exchange.
The spokesperson of Binance emphasized:
“Our triparty banking solution paves the way for greater adoption among institutional investors, as this long-standing model allows investors to manage risk while maximizing capital efficiency, offering collateral guarantees in the form of traditional assets.”
It is interesting to note that Ceffu was involved in the Securities and Exchange Commission (SEC) accusations against Binance.US in September 2023.
The regulatory authority has observed that collaborating with Ceffu contradicts previous agreements, highlighting the violation by the US division of a previous agreement to stop the transfer of assets abroad.
