Binance Bolsters Accessibility to Web3 with Launch of Binance Inscriptions Marketplace
Users are now able to buy, sell and mint a wide range of inscription tokens through the platform, hosted on Binance Web3 Wallet
Dubai, United Arab Emirates – February 1, 2024 – Binance, the global blockchain ecosystem trusted by over 172 million users globally, today announced the launch of its highly anticipated Binance Inscriptions Marketplace. 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.
Inscription tokens refers to a variety of fungible tokens that allow for the creation of digital artifacts on blockchains. It can be used to store any type of data such as texts or images, create non-fungible tokens (NFTs), and produce decentralized applications (dApps). BRC-20 tokens, which are inscription tokens minted via the Ordinal protocols on the Bitcoin blockchain, are amongst the most popular within the community. According to a Binance Research report, minting volumes for inscriptions started to increase sharply after the first conceptualization of BRC-20s in March 2023.
Binance Inscriptions Marketplace offers a wide range of features for users to explore the world of inscription tokens including:
- Access to unlimited options: buy, sell, or inscribe BRC-20 tokens, EVM tokens,and many other inscription tokens
- Seamless transfers: move inscriptions between the Binance exchange platform and Web3 Wallet in a single click
- Faster transactions: enjoy faster transactions powered by BTC Transaction Accelerator
Rohit Wad, Chief Technology Officer at Binance, shared: “Binance believes that blockchain technology has immense potential to empower individuals. That is why we are very encouraged by the appeal and traction that inscription technology has received from the global crypto community. New innovations bring with them novel use cases and additional value to the space, which are key positives for the whole industry. Our partnerships with industry leaders enable us to drive these innovations faster, blending convenience with cutting-edge technology for all users.”
“With the Binance Inscriptions Marketplace, we hope to support the industry by providing a one-stop gateway for more people to explore, experiment and benefit from inscription tokens. Our hope is that the streamlined process would make the experience simpler and more enjoyable for everyone,” added Rohit.
To help facilitate users’ entry into the world of inscriptions, the Binance Inscriptions Marketplace leverages the API of UniSat, a pioneer marketplace in the ordinals and inscriptions space. This strategic approach allows users to access UniSat’s liquidity depth and over 60,000 BRC-20 tokens offering, while also benefiting from the simplicity, convenience and security that is offered by Binance Web3 Wallet.
Lorenzo, Director at UniSat, shared: “We are honored to be assisting Binance with their Binance Inscriptions Marketplace. Binance’s dedicated commitment toward innovation aligns with our own vision to fuel positive industry growth. At UniSat, we believe that inscription assets hold immense potential for the future. Our hope is that this significant step by Binance, as a supporter of inscriptions, will inspire more developers and fellow crypto enthusiasts to explore this exciting field.”
The introduction of Binance Inscriptions Marketplace is the latest product innovation launched by Binance as part of its continued efforts to make Web3 more accessible and convenient for everyone. Last month, Binance introduced a number of new features to the Binance Web3 Wallet, including the introduction of new chains, enhanced swap options, and 19 more integrated decentralized applications (dApps).
Users can look forward to new features, upgrades, and additional tokens supported in the Binance Web3 Wallet and Binance Inscriptions Marketplace. More information will be shared on official Binance channels once available.
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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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