Binance, the world’s largest cryptocurrency exchange, announced on Thursday that it will become a node operator on Polymesh, a layer-1 blockchain. Binance will also offer staking services for the blockchain’s native token POLYX by the end of the week. Here are the details…
Binance announced for Polymesh
As a node operator, Binance will play a pivotal role in running the Polymesh blockchain. The exchange will write new blocks to confirm transactions before broadcasting them to the network. Binance will also provide staking services to token holders, allowing them to lock their tokens for a predetermined period of time and earn rewards.
Polymesh’s mission is to make regulated asset trading more accessible to a wider clientele. The partnership with Binance aims to further this goal. “Acquiring Binance as the newest node operator gives Polymesh a huge boost in visibility, reliability and security,” said Graeme Moore, head of tokenization for Polymesh.
POLYX price rises
According to Moore, Binance will be authorized as a Polymesh node operator and will start producing blocks by the end of this week. The exchange will join Polymesh’s current 17 node operators. As a result of this development, the price of POLYX has been on the rise recently and the token is trading at around $0.19. Its market cap is around $100 million, according to CoinMarketCap. The token rose as much as 13 percent within 30 minutes of the partnership announcement.
The Polymesh Blockchain is designed specifically for regulated asset trading. It was built with the needs of financial institutions in mind and has several layers of security and compliance. The platform aims to provide a safe, reliable and efficient way to trade regulated assets such as stocks, bonds and commodities on the Blockchain.
What is the importance of partnership?
Binance’s partnership with Polymesh is an important step towards advancing the adoption of Blockchain technology in the financial industry. This partnership showcases the potential of Blockchain to transform traditional finance by offering a secure and efficient way to trade assets. This partnership is also a testament to the growing importance of staking in the cryptocurrency ecosystem. Staking has become a popular way for cryptocurrency holders to earn rewards from their holdings while contributing to the security and stability of their blockchain.
The popularity of staking is likely to continue to grow as more exchanges and institutions start offering staking services. This can have a significant impact on the price and adoption of cryptocurrencies, as staking enables holders to generate passive income and encourages long-term retention. Overall, Binance’s partnership with Polymesh is seen as a positive development for the blockchain and cryptocurrency industry. This partnership unlocks the potential of Blockchain to revolutionize traditional finance and offers cryptocurrency holders a new way to earn rewards from their holdings.
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