Binance Integrates with Polygon wallet

By Mark L - Crypto Broker - 30-07-2021

As stated in a recent press release, Binance has officially finished merging the Polygon (MATIC) mainnet onto its platform. Binance traders are now able to deposit and withdraw their MATIC using their Binance identities while also engaging with decentralized applications (DApps) such as Sushiswap, Balancer, Aave, and others.

With the integration now in place, it helps traders to use DApps in a cost-effective and efficient way without relying on the current Polygon bridge.

Aside from the integration, Binance is also looking to offer MATIC-related ERC20, BEP2, and BEP20 tokens. With Binance being Polygon's most recent integration, the network has in fact collaborated with other cryptocurrency exchange platforms like Huobi and Coinbase Wallet as well as Ethereum-centric services.

DApp users are excitedly looking forward to the new Ethereum 2.0 update. The update will come with solutions that will address many of the platform's scaling difficulties. However, it appears that Polygon is temporarily filling that hole. The network allows developers to create distinct sidechains for all of their DApps, which may provide the required expansion capabilities for mainstream adoption.

Developers are already making use of these possibilities. Polygon recently launched the gaming-focused Polygon Studios to create decentralized games and harness the energy of non-fungible currencies.

Binance's position is somewhat more complicated. Malaysia has recently banned the world's largest Bitcoin (BTC) exchange platform. And because of this, Binance only has 14 days to completely stop operations in the area.

This news comes shortly after Binance announced that it will discontinue crypto derivatives trading in Europe, notwithstanding the platform's reduction of withdrawal limitations and the addition of tax reporting facilities.

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