According to the press release, Binance has fully integrated Polygon Mainnet (MATIC) into its platform. Binance traders can currently access, withdraw and deposit MATIC through their Binance account. Along with that, they can also interact with decentralized applications or DApps such as Sushiswap, Balancer, Aave, etc. The platform planned on integrating the polygon wallet so that they can make sure that traders can use these aforementioned DApps cost-effectively, without using the current polygonal bridges. Although this announcement is specifically for the MATIC mainnet token, Binance also has great intentions to support the related MATIC-ERC20, BEP2, and BEP20 tokens. Binance represents Polygon’s latest integration, as the network has already cooperated with several networks that have similar effects such as Huobi and Coinbase Wallet. The scaling solution also supports various Ethereum-centric services like Metamask and Infura.
Binance’s Current Situation
At the time, all the DApp users are eagerly waiting for Ethereum 2.0 to solve many of their scalability issues. However, Polygon seems to temporarily fill this gap for now. The network enables the developers to create unique side chains for all of their DApps. This thereby provides them with the growth opportunities needed for mass adoption. Developers have already started using these features. Polygon recently established Polygon Studios that is focused on gaming. They established this to develop decentralized games and leverage the power of non-fungible tokens.
Considering the Binance platform, the condition is a bit dark. Malaysia has just banned the world’s largest cryptocurrency exchange. The country now has only 14 days left to stop the operations in the region. They released the news right after the announcement that Binance would stop trading in cryptocurrency derivatives in Europe. They took this decision in spite of the lower restrictions on withdrawals from the platform and the introduction of tax reporting tools. For more latest news and information on cryptocurrencies, please visit our website.