Binance Becomes New Node Operator Of Layer-1 Blockchain Polymesh
- Binance is the newest Polymesh node operator to expand security tokens and POLYX to more participants around the world.
- The exchange joins 17 other node operators in securing the purpose-built Polymesh blockchain while adding staking capabilities to POLYX holders directly through its platform.
- This will allow POLYX holders on the exchange to easily become POLYX stakers.
Binance, the world’s biggest cryptocurrency exchange, has joined Polymesh as a new node operator.
Binance will operate as a node operator on the blockchain, creating new blocks to certify transactions that join the chain before broadcasting them to the Polymesh network. By the end of this week, the exchange will allow the staking of the layer-1 blockchain’s POLYX token through its platform, allowing token holders to reap the benefits of their holdings by locking up their tokens for a set period.
The Binance collaboration aims to enhance Polymesh’s vision of making regulated asset trading more accessible to various customers. Polymesh’s Head of Tokenization, Graeme Moore, stated:
“Binance is the clear-cut leader in blockchain no matter what data you use. Onboarding Binance as the newest node operator provides Polymesh with a massive boost in visibility, credibility, and security. We are encouraged by this development, and look forward to growing the Polymesh ecosystem with Binance’s support.”
Polymesh is a permissioned blockchain designed primarily for regulated assets. Addressing governance, identification, compliance, secrecy, and settlement issues, simplifies outmoded procedures and opens the way to new financial instruments.
Binance will be approved as a Polymesh node operator and begin creating blocks before the end of this week. Polymesh’s 17 current node operators will be joined by the exchange.
As Coincu reported, the BNB Beacon Chain will undergo the Barral hard fork update at block height 310,182,000. Binance will undertake wallet maintenance for the BNB Beacon Chain before to the big update (BEP2). For an hour, the exchange will halt BNB withdrawals and deposits.
To continue processing blocks on the blockchain, the BNB Beacon Chain update needs 2/3 validators to upgrade to the newest version. As a result, the exchange team has requested that node operators upgrade to v0.10.10 by April 21.
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