The latest blog post from Elrond confirmed that the network had completed the integration with the largest cryptocurrency exchange in the world, Binance. This new move will allow the exchange to list ESDT tokens for trading. The Elrond Standard Digital Token (ESDT) is the standard used for the tokens developed on Elrond. The new integration will be marked by the listing of Utrust’s UTK tokens on Binance.
Binance is not just the most popular crypto exchange currently in operation. It is also the largest platform for cryptocurrencies by the number of users, liquidity, and trading volume, according to this Binance platform review. The services offered on this exchange virtually cover every aspect of finance and liquidity management in DeFi. The platform recently began its expansion plans and is actively integrating startups from both DeFi and TradFi. In its vision to open up new areas in DeFi, the exchange struck an Integration deal with Elrond to bring the ESDT tokens.
Utrust, a payment processor built on Elrond, becomes the first token to seize this opportunity. The web3 startup that began as an ERC20 token on Ethereum shifted to the Elrond network only recently. This shift was fueled by the high gas fees and slow blockchain transactions. By becoming an ESDT token, Utrust’s UTK can now be deposited and withdrawn directly on Elrond. Now, the integration plans of the blockchain with Binance will help this ESDT token achieve new milestones with their resources combined. The startup hopes to bring web3 payments to the mainstream as Binance has already extended its wings into TradiFi firms around the globe.
The primary advantage of this integration is cutting the transaction costs and enhancing the transaction time of UTK. Given the sophisticated technology and infrastructure 9f Elrond, it will be an achievable goal for UTK. The payments firm has released the UTK 2.0 economies upgrade, which will fortify the practical side of the UTK tokens. With speed and incentives, this is expected to change the entire outlook of web3 payments and bring this market to a wider range of merchants. The integration of Elrond and Binance is a timely arrival for UTK and is expected to give the necessary boost to these visions.
From Elrond’s point of view, Binance will help market the native products from the blockchain on a wider level. The startups on Elrond will get access to “the biggest markets and deepest liquidity” possible with Binance, according to Elrond CEO Beniamin Mincu. Along the same line, Sanja Kon, CEO of Utrust, believes that it will catalyze the creation of their Merchant Yield product and play a key role in making web3 payments mainstream. Above all, this integration will significantly enhance the scalability of the project.
Source: https://www.cryptonewsz.com/binance-integrates-elrond-and-utk-to-become-first-esdt-on-the-exchange/