Binance gives a boost to the development of the Elrond ecosystem (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 are coming!
Elrond announced in an April 19, 2022 release, the completion of Binance’s integration of the Elrond Standard Digital Token (ESDT). ESDT is a standard that governs the issuance of custom 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 Ethereum’s ERC20 tokens (ETH). These ESDT tokens are indeed supposed to be as fast and scalable as EGLD, Elrond’s native cryptocurrency.
This integration means that UTK tokens can now be deposited directly on Binance from the Elrond Network. These UTK tokens are “at the heart of Utrust’s payment infrastructure” which is a cryptocurrency payment provider.
Elrond takes the next step
UTK was originally 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 great step forward for the entire Elrond ecosystem.” Blockchain-based projects, will now be able to “tap into the largest markets and deepest liquidity.”
Elrond thus takes another essential step in the development of its ecosystem with this integration of the ESDT standard. The project continues to tirelessly implement its plan for growth. Incidentally, this news comes just under two months after Elrond struck a major blow by finalizing the acquisition of payments giant Twispay.