London-based cryptocurrency custody solutions provider Trustology has added support for Binance’s blockchain Binance Chain enabling the Chain users the option to trade and transact with full control of their assets. This functionality supports Binance’s native cryptocurrency BNB as well as other tokens supported on the Binance Chain.
In addition, Trustology announced that it will soon support trading through the Binance decentralized exchange (DEX). This will be a first of its kind since most DEX’es including Binance DEX only support non-custodial services which allow users to take full control of their assets.
Trustology is also positioning itself to take advantage of the upcoming launch of the Binance Smart Chain which will run parallel to the Binance Chain and enable developers to launch smart contracts similar to Ethereum. Ethereum is currently the largest Decentralized Finance ecosystem, a title Binance will probably want to claim once it launches its smart chain.
“With the value locked in crypto DeFi markets hitting the $1 billion milestone earlier this year, a quarter of what it was worth a year ago, the market is poised for continuous growth,” Trustology CEO Alex Batlin said. “Binance developing their DeFi ecosystem is an obvious win for the Binance Smart Chain, and for us as custodians as we’re always striving to offer our clients as many opportunities as possible to maximize earning potential in the financial markets.”
The launch of Binance Chain support is timely given the push for Binance to launch a Smart Chain soon. Trustology aims to occupy an enviable position on the Binance DeFi ecosystem now that the Ethereum-related DeFi market is saturated with heavy-weight custody solutions companies. Batlin explains why most of these custody companies have avoided expanding services to the relatively recently launched Binance Chain ecosystem.
“One of the reasons a lot of custodians don’t support Binance chain and the DEXs is because they have a different architecture which poses a number of challenges, especially when it comes to signing transactions.”
In other news today, Binance’s peer to peer (P2P) platform has launched a new trading advertisement feature. This feature will enable better exposure for traders across the world while also allowing them to set their prices. The ads are free to post for both buyers and sellers and will be accessible on the mobile app.
So far, the Binance P2P platform supports 24 fiat currencies. Commenting on the addition of P2P ads, Binance CEO Changpeng Zhao (CZ) said that Binance “strive[s] to increase the freedom of money, and we are delighted to give our global users more freedom of crypto trading through creating their trade.”
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