Binance Implements Polygon Wallet for Cheaper Transactions

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Announced in a recent Press Release, Binance has officially completed the intergration with Polygons’ (MATIC) mainnet wallet onto its platform. Binance users are now able to deposit and withdraw their Polygon using their Binance account and enjoy compatibility with decentralised applications (DApps) such as Sushiswap, Aave, Balancer and more.

With the integration now complete, it provides trades with the ability to use DApps cost-effectively and efficiently, without having to use any of the current Polygon Bridges.

Binance are set to increase their level of services for Polygon by offering MATIC-related ERC-20, BEP2, and BEP20 tokens. With Binance representing Polygon’s most recent integration, the network has already collaborated with other cryptocurrency exchange platforms such as Huobi and Coinbase as well as Ethereum based services.

Users familiar with DApps are looking with enthusiasm at the on-going Ethereum 2.0 update. The update represents solutions for the networks scaling difficulties, one of their core areas of concern. However, Polygon is temporarily assisting the Ethereum network in this capacity. The network allows developers to create sidechains with distinct features for their DApps, which may provide the required expansion capabilities for mainstream adoption. 

Developers are already capitalising on these possibilities. Recently, the Polygon network launched a gaming-focused endeavor, Polygon Studios, to create decentralised games and employ the full utility of Non-Fungible Tokens (NFT’s).  

Despite these positive developments for Binance, Malaysia has recently forbid the worlds largest cryptocurrency exchange platform from operating in the country. Binance has been given a 14 day notice to conclude all ongoing operations in the area. 

This development occurred after Binance had announced that it will discontinue its crypto derivatives trading in Europe, despite the platforms decreased withdrawal limitations and the implementation of tax report facilities.