Binance Rolls Out Inscriptions Marketplace to Enhance Web3 Accessibility

Binance Rolls Out Inscriptions Marketplace to Enhance Web3 Accessibility

| Updated
by Chimamanda U. Martha · 3 min read
Binance Rolls Out Inscriptions Marketplace to Enhance Web3 Accessibility
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By integrating UniSat’s API, the Binance Inscriptions Marketplace ensures that users have seamless access to a wide range of inscription tokens.

Binance, the world’s largest cryptocurrency exchange by market capitalization, has announced the launch of its inscriptions marketplace to bolster Web3 accessibility and increase adoption of the emerging economy.

According to a shared press release on February 1, 2024, the new marketplace is hosted within the company’s Web3 wallet, which was launched last November.

Currently, the wallet supports cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE), and Sei (SEI). However, with the launch of the Inscriptions marketplace, users can transfer, buy, sell, and mint a wide range of other digital assets known as inscriptions tokens.

Binance Launches Inscriptions Marketplace

Binance said it had added support for BRC-20 tokens, minted through the Ordinal Protocols on the Bitcoin blockchain and the Ethereum Virtual Machine (EVM) tokens.

The newly launched marketplace aims to provide users with an accessible and user-friendly platform to move their assets. Users can seamlessly transfer their crypto holdings from the online marketplace to the Binance exchange. Furthermore, the company  said the platform is powered by the Bitcoin Transaction Accelerator to process transactions at a faster speed.

The newly launched platform will leverage the API of UniSat, a digital asset marketplace specializing in ordinals and inscriptions, to assist users in navigating the sector.

By integrating UniSat’s API, the Binance Inscriptions Marketplace ensures that users have seamless access to a wide range of inscription tokens. The move enables users to tap into UniSat’s extensive liquidity and explore a vast array of over 60,000 BRC-20 tokens while they enjoy the ease, convenience, and security provided by the Binance Web3 Wallet.

Encourage Users to Explore Inscriptions Market

The introduction of the inscriptions market comes after the sector has garnered traction from investors.  Although the market is relatively new, the Binance Research team found that minting volume for the inscriptions market started gaining more traction in March 2023 following the first conceptualization of the BRC-20 tokens.

The company’s technology officer, Rohit Wad, said the exchange believes in the transformative potential of blockchain technology, which is why it has entered the inscription market to encourage users to explore the sector.

“With a mission to support the broader industry, Binance aims to create a user-friendly space that encourages more individuals to engage with and derive value from inscription tokens. We hope that the streamlined process will make the experience simpler and more enjoyable for everyone,” he said.

Expressing a commitment to innovation, Wad acknowledged the ability of new technologies to introduce unique use cases and bring added value to the crypto industry.

He further noted that by leveraging strategic partnerships with industry leaders, Binance aims to expedite these innovations, providing users with a seamless blend of convenient and cutting-edge technology.

Binance News, Cryptocurrency News, News
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