According to recent press reports, the leading crypto exchange Binance has finished integrating Polygon (MATIC) magnet on its platform. The reports detail that by integrating Polygon wallet Binance users can now deposit and withdraw MATIC via Binance accounts while also interacting with other centralized applications, including Sushiswaps, Balancers, DApps, and Aave among several others.
Although the announcement is focused on Binance’s use of MATIC mainet token, the crypto exchange also plans on supporting other tokens associated with MATIC including ERC20, BEP20, and BEP2.
Polygon had previously worked with Huobi and Coinbase wallet among other exchanges. The network’s integration onto Binance marks its latest endeavor. Polygon’s integration with others used the same effect as it did with Binance. The scaling solution for the latest integration is mostly supported by the Ethereum network services, which includes the likes of Metamask and Infura among various others.
The press reports also entail the benefits users can have from the integration. Traders and users at the exchange can utilize decentralized applications (DApps) at low cost and high efficiency without using a pre-existing Polygon bridge.
Aside from Binance’s integration, DApp users are currently waiting for the establishment of Ethereum 2.0 in order to resolve several scalability issues of decentralized applications. Though now it is evident that Polygon aims to take that role of solving scalability issues for the time being. The network provides developers with new ways to establish distinctive sidechains for all of their DApps, which may also stimulate its growth capabilities for mass adoption. Even now developers are utilizing the capabilities of sidechains to their potential.
In other press reports, it is stated that Polygon network plans to establish new a studio devoted to video games. The reports indicate that the game-focused Polygon Studios aims to launch decentralized games and utilize the potential the full potential of non-fungible tokens (NFTs).
Although Binance has successfully integrated the Polygon network, the largest crypto exchange is still under scrutiny from lawmakers in several countries. Binance has recently been banned in Malaysia, with the authorities allow only 14 days for the exchange to cease all operations in the region. The ban was announced shortly after the announcement in Europe implied that Binance will be shutting down its crypto derivatives trading services in Europe. Even though the Binance platform has been shedding withdrawal limits, and introducing tax reporting tools, the exchange will nonetheless be closed.
