Binance lists ESDT – Elrond Network takes on the blockchain

Opening of deposits – Binance gives ecosystem development a boost Elrond (EGLD) by integrating the ESDT standard. This integration will first benefit a newcomer to Elrond Network, a company that wants to accelerate the adoption of Web3 payments.

Elrond and Binance: ESDT tokens land on the first cryptocurrency exchange

Elrond announced in a press release dated April 19, 2022, the completion of the integration by Binance, of the Elrond Standard Digital Token (ESDT). ESDT is a standard that governs the issuance of personalized tokens on the Elrond blockchain.

Developers can therefore create their own ESDT tokens, which would be superior in terms of speed and scalability compared to ERC20 tokens fromEthereum (ETH). These ESDT tokens are indeed supposed to be as fast and scalable as EGLD, Elrond’s native cryptocurrency.

This integration means concretely that the UTK tokens can now be deposited directly to Binance from Elrond Network. These UTK tokens are “at the heart of the payment infrastructure of Utrust” which is a cryptocurrency payment provider.

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Elrond takes another step

UTK was initially an ERC20 token, before Utrust decided to join “the Elrond family” and thus adopt the ESDT standard for its token.

Binance announced that it will offer withdrawals for UTK on Elrond Network, “ once there are enough assets on our hot wallet “.

Elrond Network CEO Beniamin Mincu believes that this integration of ESDT on Binance “is a big step forward for the whole Elrond ecosystem”. Blockchain-based projects will now be able to “exploit the biggest markets and the deepest liquidity”.

Elrond thus takes another essential step in the development of its ecosystem with this integration of the ESDT standard. The project continues tirelessly to implement its plan to ensure its growth. Moreover, this news falls a little less than two months, after Elrond struck a blow by finalizing the acquisition of payments giant Twispay.

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