Binance is pleased to announce that the Binance Inscription Marketplace now accepts ARC-20 tokens. ARC-20 is a fungible token standard based on the developing Atomicals Protocol on Bitcoin. Binance is a trusted global blockchain ecosystem with over 185 million users globally. In addition to the many functionalities that are currently accessible on the platform, users may now trade and transfer ARC-20 tokens on the Binance Inscription Marketplace.
With this most recent development, the Binance Inscription Marketplace joins the exclusive group of platforms that facilitate the most variety of inscription assets, such as BRC-20, EVM, and the recently added ARC-20 tokens.
Binance Product Marketing Lead Sherrine Tan stated:
“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. 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.”
The availability of a significant new feature that enables users to manually label Bitcoin Unspent Transaction Outputs (UTXOs) makes such broad asset support feasible. UTXO management is important because of the diversity of inscription protocols on the Bitcoin network. Users are free to choose which conflicting asset they would want to use. In short, this feature makes the user experience better by providing consumers with a wide range of assets to choose from and allowing them to utilize those assets without having to worry about the underlying technological details.
A user-friendly and easily accessible platform for the purchasing, selling, and minting of inscription tokens, the Binance Inscriptions Marketplace is housed inside the Binance Web3 Wallet, a self-custody crypto wallet accessible via the Binance app. BTC Transaction Accelerator powers it, enabling quicker Bitcoin transactions on the platform.
In a further indication of Binance’s commitment to fostering the expansion of the Bitcoin ecosystem, Binance Web3 Wallet now supports the BTC Taproot address. Now, users can easily create or import their current Bitcoin wallets to look at their assets, and they may pick between Taproot and Native SegWit.
The biggest marketplace for ARC-20 tokens, Atomicals Market, provides its API to the Binance Inscriptions Marketplace. Through this strategic relationship, users may access a variety of ARC-20 token offerings and take advantage of the ease, convenience, and security that come with using Binance Web3 Wallet, making it easier for them to get started with ARC-20 tokens and Atomicals Protocol.
X, CEO at Atomicals Market, 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!”
In addition, Binance and Atomicals Market are teaming up to allow trading of ARC-20s on Binance Inscription Marketplace with zero service fee for a certain period of time in honor of this milestone. The two-month promotion will run from April 3, 2024, until June 2, 2024.
The development comes soon after Binance added a few Solana-based decentralized apps to its Web3 Wallet and recently integrated the Solana network. As part of its larger initiatives to be receptive to user requests and provide them access to the newest product advancements ahead of industry trends, Binance continuously innovates and improves its platform.