Binance, the world’s largest crypto trading platform, wants in on the burgeoning Bitcoin Ordinals market amid a memecoin frenzy that is pushing BRC-20 tokens’ market value nearer to the $1 billion mark.
The company announced that its non-fungible token (NFT) marketplace will, from late May, “support” Ordinals in order to further grow Binance’s “multi-chain ecosystem.” Binance customers will be able to buy and sell Ordinals without needing to utilize a “separate Bitcoin wallet,” the company said in a statement.
As Binance has said it has more than 100 million active users, the move could help to increase trading volumes for Bitcoin Ordinals, which has already benefitted from robust buying and selling. The total market value for BRC-20 tokens, the tokens created on Bitcoin through the Ordinals protocol, surpassed $900 million on Monday.
“Bitcoin is the OG of crypto,” said Binance’s Head of Product Mayur Kamat. “We are super excited to bring Bitcoin Ordinals to Binance NFT.”
The majority of tokens created using BRC-20 are memecoins, led by Ordi, which had a fully diluted market cap of $525 million as of Monday. The token began trading on Gate.io, making it the first centralized crypto exchange to list the most valuable BRC-20 token.
Other memecoins on BRC-20 include meme, domo, and nals.
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Source: https://www.theblock.co/post/229833/binance-bitcoin-ordinals-brc-20-tokens-value?utm_source=rss&utm_medium=rss