Binance has fully integrated the Polygon (MATIC) mainnet onto its platform, according to a press release. From now on, Binance traders can deposit and withdraw MATIC through their Binance accounts while also interacting with decentralized applications, or DApps, like Sushiswap, Balancer, Aave, and more.
This integration is meant to ensure that traders can utilize said DApps cheaply and efficiently without using the existing Polygon bridge.
While this announcement specifically focuses on the MATIC mainnet token, Binance also intends to support ERC20, BEP2, and BEP20 MATIC associated tokens.
Binance marks Polygon’s latest integration, as the network has already worked with Huobi and Coinbase Wallet, among others, to the same effect. The scaling solution is supported by various Ethereum-centric services as well, such as Metamask and Infura.
DApp users are waiting patiently for Ethereum 2.0 to solve many of its scalability issues. However, it appears that Polygon is filling that void for now. The network gives developers a way to build unique sidechains for all of their DApps, which may provide the necessary growth capabilities for mass adoption.
Devs are already taking advantage of those capabilities, too. Recently, Polygon established the gaming-focused Polygon Studios to build decentralized games and harness the power of non-fungible-tokens.
As for Binance, the situation is a little more cloudy. The world’s largest cryptocurrency exchange has just been banned in Malaysia. It has 14 days to cease operations in the region. This news comes shortly after learning Binance will shut down crypto derivatives trading in Europe, despite the platform’s cutting of withdrawal limits and its introduction of tax reporting tools.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.