Cryptocurrency exchange platform Binance, recently unveiled its brand new marketplace dedicated to listings, such as Ordinals and BRC-20s. This announcement follows that of OKX, which also announced the launch of its own listing marketplace a short while ago.
The new BRC-20 marketplace
On Thursday, February 1, cryptocurrency exchange Binance launched its marketplace enabling users to create and trade registration tokens, such as Ordinals and BRC-20s.
The Ordinals protocol enables data to be permanently and immutably registered on the Bitcoin blockchain by associating it with satoshis, the smallest fraction of a bitcoin, which can be exchanged. These records, known as “inscriptions”, can be used to store various types of data, such as images or text files.
In less than a year, the protocol has been a runaway success, with nearly 60 million registrations, creating billion-dollar assets such as the ORDI token, and leading to congestion on the Bitcoin network with a significant increase in transaction fees.
Welcome to the Binance Inscriptions Marketplace.
Your go-to place for all things BRC-20 and inscriptions, built into the Binance Web3 Wallet.
Find out more
– Binance (@binance) February 1, 2024
According to Binance, this marketplace uses the API of UniSat, another listing marketplace, enabling it to support up to 60,000 of the most popular BRC-20 tokens. In addition to this, the exchange announces support for listings on compatible EVM blockchains, such as Ethereum, Polygon, Avalanche and the BNB Chain.
In a statement shared with The Block, Binance clarified that the new marketplace is hosted on a non-custodial wallet, unlike the rest of the app, which is hosted under Binance’s custody.
This launch comes just days after OKX, a rival exchange platform, announced its own listing marketplace scheduled for late February 2024.
It’s already possible to trade listings on OKX via its NFT marketplace, but the exchange looks set to create a separate platform, just like Binance. OKX has also announced that it will soon be supporting new standards such as Rune, Atomicals and Stamps.
