Yahoo Finance Binance Inscription Marketplace Enhances Web3 Accessibility with ARC-20 Token Support
Latest update also sees the addition of BTC Taproot support, marking another critical milestone in Binance's continual efforts to offer a user-friendly, convenient platform for crypto and Web3
DUBAI, UAE, April 3, 2024 /CNW/ -- Binance, the global blockchain ecosystem trusted by over 185 million users worldwide, is excited to announce that its Binance Inscription Marketplace now supports ARC-20 tokens, a fungible token standard built on the emerging Atomicals Protocol on Bitcoin. Starting today, users are able to trade and transfer ARC-20 tokens on the Binance Inscription Marketplace, adding to the wide range of features that are already available on the platform.
With this latest expansion, Binance Inscription Marketplace becomes one of only a few platforms that support such a diverse range of inscription assets, including BRC-20, EVM, and the newly incorporated ARC-20 tokens.
"At Binance, our top priority has always been to provide our users with the tools and capabilities they need to harness the full potential of the cryptocurrency landscape," remarks Binance Product Marketing Lead Sherrine Tan. "Our decision to support ARC-20 tokens trading is a direct response to our users' interests. This move unlocks a realm of opportunities, giving users an easy, seamless and secure way to explore the Atomicals Protocol and the vast possibilities of the inscriptions ecosystem."
Such wide asset support is possible due to the addition of an important new feature allowing users to manually mark Bitcoin Unspent Transaction Outputs (UTXOs). Given the diverse nature of the various inscription protocols on the Bitcoin network, UTXO management is significant. Users have the rights to mark any conflicting asset as their desired choice. To put it simply, this feature enhances the user experience by facilitating an extensive asset offering for users and enabling them to seamlessly use their chosen assets, without worrying about the underlying technical complexities.
Hosted within the Binance Web3 Wallet, a self-custody crypto wallet located within the Binance app, the Binance Inscriptions Marketplace offers an accessible and user-friendly platform for the buying, selling and minting of a wide range of inscription tokens. It is powered by BTC Transaction Accelerator which facilitates faster Bitcoin transactions on the platform.
In a move that further demonstrates Binance's dedication to facilitate the growth of the Bitcoin ecosystem, support for the BTC Taproot address has also been added to Binance Web3 Wallet. Users can now conveniently choose between the Taproot or Native SegWit, and are able to seamlessly create or import their existing BTC wallets to view their assets.
The Binance Inscriptions Marketplace leverages the API of Atomicals Market, the largest marketplace for ARC-20 tokens. This strategic partnership facilitates users' entry into the world of ARC-20 tokens and Atomicals Protocol as they can gain access to a wide range of ARC-20 tokens offering, while also benefiting from the simplicity, convenience and security that Binance Web3 Wallet has to offer.
CEO at Atomicals Market, who goes by 'X', commented: "Our partnership with Binance marks a significant step forward in making ARC-20 tokens easily accessible to the crypto community. We are excited to introduce the depth of opportunities that the Atomicals Protocol offers to Binance's extensive global user base and an even broader spectrum of users. It's an exciting time for both Atomicals Market and Binance users - the future is bright and full of immense possibilities!"
To celebrate this milestone, Binance is also partnering with Atomicals Market to offer trading of ARC-20s with zero service fee exclusively on Binance Inscription Marketplace for a limited time. This promotion will last for two months, from April 3 to June 2, 2024.
This announcement today follows closely on the heels of Binance's recent integration of the Solana network and addition of selected Solana-based decentralized applications to its Web3 Wallet. The continuous innovation and enhancement of its platform is part of Binance's broader efforts to be responsive to user needs and provide them with the latest product developments ahead of market trends.
Disclaimer: Binance Web3 Wallet is an optional product. It is your responsibility to determine if this product is suitable for you. Binance is not responsible for your access or use of third-party applications (including functionality embedded within the Binance Web3 Wallet) and shall have no liability whatsoever in connection with your use of such third-party applications, including, without limitation, any transactions you dispute. Please carefully review the Binance Web3 Wallet Terms of Use and always do your own research.
About Binance
Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by trading volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com
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