Elrond has announced that Binance has completed the integration of the Elrond Standard Digital Token (ESDT) standard.
“The vast user base of our strategic partner will soon be able to explore digital assets operating at an internet scale, and projects originating on Elrond Network will be able to tap into the biggest markets and the deepest liquidity. This integration is a massive step forward for the entire Elrond ecosystem.” said Beniamin Mincu, Elrond Network CEO.
UTK becomes the first ESDT token listed on Binance
Utrust, the major crypto payments provider that has recently joined the Elrond family to accelerate the adoption of Web3 payments, is the first to benefit from the integration. The UTK token at the core of Utrust’s payments protocol infrastructure can now be deposited and withdrawn as ESDT straight on the Elrond blockchain.
“It is tremendously exciting to have the biggest exchange supporting this integration. This will accelerate the fusion of Utrust payments technology with Elrond DeFi products, a major milestone towards creating our Merchant Yield product that will be the catalyst for making Web3 payments truly mainstream.” said Sanja Kon, Utrust CEO.
Initially, UTK was developed as an ERC20 token on the Ethereum blockchain. By embracing the ESDT standard, commodities using the UTK token will now benefit from quicker transactions at a far lower cost.
In tandem, the recent “UTK 2.0” economics update is going to boost the utility of the UTK token with new powerful value accumulation mechanisms and incentives to boost the mainstream adoption of Web3 payouts for a much wider range of merchants around the world.
With a powerful new economics backed by Elrond’s state-of-the-art digital token standard, UTK is poised to further expand its utility and gain greater long-term support through Maiar Exchange’s powerful products and the broader Elrond DeFi ecosystem.
Accelerating the growth of the Elrond ecosystem.
The integration of ESDT technology with the world’s leading digital asset platform is a major step forward for Web3 payments and projects that are built on Elrond Network technology.
