Binance, the world’s largest crypto trading platform, has announced the launch of a marketplace for inscription tokens to facilitate the buying, selling, and minting of a wide range of such assets.
According to a press release seen by CryptoPotato, the Binance Inscriptions Marketplace leverages the application programming interface (API) of UniSat, a Bitcoin inscriptions market and wallet provider, and is hosted within the Binance Web3 Wallet.
Binance Launches Inscriptions Marketplace
Inscription tokens are fungible assets that can be used to store digital artifacts and non-fungible tokens (NFTs) created on blockchains. The artifacts include data like texts and images.
Inscriptions became popular in 2023 after the launch of the Ordinals protocol on the Bitcoin blockchain. A Binance study found that inscriptions minting volumes significantly rose after BRC-20 tokens were conceptualized last year. This has made BRC-20 tokens one of the most popular within the crypto space.
The Binance Inscriptions Marketplace gives users access to various features for exploring the world of inscription tokens, including BRC-20 and Ethereum Virtual Machine (EVM) assets. Users can move inscriptions between the Binance trading platform and its Web3 Wallet and execute transactions powered by the Bitcoin Transaction Accelerator.
Commenting on the marketplace launch, Rohit Wad, Chief Technology Officer at Binance, said: “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.”
Binance Inscriptions Marketplace to Leverage UniSat API
Binance revealed that leveraging UniSat’s API would help facilitate users’ entry into the inscriptions space, as the wallet provider has access to a liquidity depth of more than 60,000 BRC-20 tokens. Binance’s latest product would benefit from UniSat’s extensive token offering and the convenience and security of the Binance Web3 Wallet.
“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,” said UniSat director Lorenzo.