Bitcoin News

Trustology Extends Support for Binance Chain

Bitcoin News

Over the past few months, Trustology CEO Alex Batlin has made it an open secret that he would like to integrate decentralized finance protocols into Trustology. To that effect, the crypto custody platform has expanded its services to Binance Chain. In addition, the platform plans to provide custodial trading via Binance’s non-custodial exchange, Binance DEX. 

The key question now is, how can custodial trading take place on a non-custodial exchange? Well, Binance gave an announcement that they are building a smart chain that will run parallel to the existing Binance Chain. To explain further, just imagine using various means of transportation like train, airplane, and automobile to get from one place to another. 

In the words of Trustology, this partnership will facilitate the creation of decentralized apps, and it shows that the Binance network is willing to pursue the ever-growing DeFi ecosystem. 

The platform mentioned that the partnership would allow users to make transactions with Binance Coin and other cryptocurrencies. 

Trustology Chief Executive Officer (CEO) Alex Batlin said:

“With the value locked in crypto DeFi markets hitting the $1 billion milestones earlier this year, a quarter of what it was worth a year ago, the market is poised for continuous growth. Binance developing their own DeFi ecosystem is an obvious win for the Binance Smart Chain, and for us as custodians as we’re always striving to offer our clients as many opportunities as possible to maximize earning potential in the financial markets.”

Excitement Over DeFi 

Batlin has been very excited over DeFi. “it potentially could be one of the most trusted liquidity pools because it is decentralized, therefore much more global,” Batlin said. 

In addition, Batlin believes more platforms would support decentralized finance in the coming years. However, he warns that there needs to be more scalability in order to usher in the adoption of DeFi protocols. He said:

“One of the reasons a lot of custodians don’t support the Binance chain and the DEXs is because they have a different architecture which poses a number of challenges, especially when it comes to signing transactions. Our unique re-signing technology has enabled us to support Binance Chain in a custodial way quickly, and as and when Binance Smart Chain comes on board, we’ll be able to support any application or new asset type created on top of that like we do with Ethereum.”

 


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