Bitcoin

Trustology’s custody wallet implements support for Binance Chain

The crypto custody platform Trust has added Binance Chain to its services and plan offer deposit trading via non-custody exchange by Binancecalled Binance DEX.

How exactly does custody trading work on a non-custody exchange like DEX? Binance recently announced his wish to build an “intelligent chain” parallel to the Binance chain. Physically, it would be like using multiple modes of transport, such as a car and an airplane, to get from point A to point B.

To Trustthis unusual combination could actually motivate the creation of decentralized applications. It would even mean that the Binance network adopt the DeFi ecosystem (decentralized financing).

Trustology’s custody wallet implements support for Binance Chain
Trustology’s custody wallet implements support for Binance Chain

The platform said the measure would allow users to trade Binance Coin (BNB) and all third-party cryptocurrencies with full safekeeping of his property.

The Executive Director (CEO) of TrustAlex Batlin said:

With DeFi at a record $ 1 million in early 2020, a quarter of what it was worth a year ago, the market is poised for further growth. Binance’s development of its own DeFi ecosystem is a great addition to the Binance Smart Chain. We would secure victory as a custody solution because we always strive to offer our clients as many options as possible to maximize the potential of financial market incomes.

Batlin has spoken a lot about it his enthusiasm for DeFi. Speaking to Cointelegraph in April, when DeFi started operations, the CEO said, “This could be the most reliable liquidity pool for decentralization it’s much more global“”

Batlin believes that, however the platforms that support decentralized funding You need greater scalability to enable wide acceptance of DeFi. The CEO said Ethereum 2.0 “is getting there”. Only 28 wallets, mostly without custody, currently support Binance Chain.

One of the reasons why many are incompatible with the Binance chain and DEXs is because they have a different architecture that presents a number of challenges, especially when it comes to completing transactions. Our unique re-check technology has enabled us to quickly support Binance Chain in a custody manner. When Binance joins Smart Chain, we can support any app or newly created asset type, just like we want Ethereum to do.

Custody platforms like Trustology have the opportunity to benefit from the expansion of the DeFi ecosystem. For example, one of the largest accounting firms, KPMG, reported in March that hackers have stolen more than $ 9.8 billion worth of cryptocurrencies since 2017, indicating an increased need for institutional custody.

Similar Posts