Reports have revealed today that the world’s largest digital assets exchange, Binance, has successfully completed the integration of the Elrond Standard Digital Token (ESDT) standard and added the UTK UTRUST to become the first ESDT token listed on the digital platform.
With this new development, the digital exchange platform will be able to list ESDT tokens for trading. The Elrond Standard Digital Token (ESDT) is the industry standard for Elrond tokens. The launching of Utrust’s UTK coins on Binance will signal the start of the new partnership.
Binance has essentially covered all facets of DeFi finance and liquidity management. The platform has lately begun to expand, and entrepreneurs from both DeFi and TradFi are being aggressively integrated. The exchange negotiated an integration contract with Elrond to deliver the ESDT tokens as part of its ambition to open up new areas in DeFi.
Utrust, an Elrond-based payment processor, is the first token to take advantage of this possibility. The web3 startup, which started as an ERC20 token on Ethereum, only recently switched to the Elrond network. The hefty gas fees and delayed blockchain transactions spurred this move. Utrust’s UTK can now be deposited and withdrawn directly on Elrond after becoming an ESDT token.
With their combined resources, the blockchain integration plans with Binance will now enable this ESDT coin to attain new milestones. Binance has already expanded its wings into TradiFi firms around the world, and the startup intends to introduce web3 payments to the mainstream.
The key benefit of this integration is that it reduces transaction costs and speeds up UTK transactions. Given 9f Elrond’s advanced technology and infrastructure, it will be a realistic target for UTK. The payments company has published the UTK 2.0 economies upgrade, which will improve the UTK tokens’ use.
This is intended to revolutionize the entire view of web3 payments and bring this industry to a wider variety of merchants due to the quickness and incentives. Elrond and Binance’s integration comes at a good time for UTK, and it’s expected to offer these visions a boost.
According to Elrond, Binance will help sell the blockchain’s native products to a wider audience. Elrond CEO Beniamin Mincu, noted that the startups on Elrond will have access to the largest marketplaces and deepest liquidity imaginable through Binance.
In a similar vein, Sanja Kon, CEO of Utrust, believes it will spur the development of their Merchant Yield product and play a vital part in the mainstreaming of web3 payments. Consequently, this integration will greatly improve the project’s scalability.