Bitcoin Ordinals Has Been Added As BRC-20 Tokens With Total Value Of $1 Billion On Binance

Key Points:

• Binance customers will be able to trade Bitcoin Ordinals without the use of an external wallet by late May, according to the company.
• This week, the entire market value of BRC-20 tokens surpassed $900 million.

Bitcoin ordinals have been added to the Binance NFT Marketplace in the most recent upgrade.

The vast majority of tokens issued using BRC-20 are memecoins, lead mostly by Ordi. Binance, the world’s largest crypto trading platform, wants a piece of the expanding Bitcoin Ordinals market, which is fueled by a memecoin craze that is boosting the market value of BRC-20 tokens closer to $1 billion.

The business said that its non-fungible token (NFT) marketplace will “support” Ordinals beginning in late May in order to expand Binance’s “multi-chain ecosystem.” Customers of Binance will be able to buy and sell Ordinals without the requirement for a “separate Bitcoin wallet,” according to a company statement.

Given that Binance has more than 100 million active users, the move may assist to enhance trade volumes for Bitcoin Ordinals, which have already benefited from strong buying and selling. On Monday, the total market value of BRC-20 tokens, which are created on Bitcoin using the Ordinals system, topped $900 million.

“Bitcoin is the OG of crypto,” stated Mayur Kamat, Head of Product at Binance. “We are thrilled to be bringing Bitcoin Ordinals to Binance NFT.”

The majority of BRC-20 currencies are memecoins, lead by Ordi, which had a fully diluted market cap of $525 million on Monday. Gate.io became the first centralized crypto exchange to list the most valued BRC-20 coin when it began trading.

Prior to Binance’s announcement, the cryptocurrency exchange OKX announced in late April that it will be integrating Bitcoin orders into its marketplace and wallet ecosystem. According to Haider Rafique, OKX’s chief marketing officer, users may initially browse and store ordinals using their accounts, with the opportunity to mint ordinals being hinted at in the future.

Bitcoin NFTs are also available on marketplaces like Magic Eden, which added the feature in March.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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