Binance Launches In-App Bitcoin Inscriptions Marketplace for BRC-20 Tokens

Binance has announced the launch of an in-app Inscriptions Marketplace supporting Bitcoin BRC-20 tokens such as ORDI.

According to an announcement by the crypto exchange, the Binance Inscriptions Marketplace provides a “one-stop solution” within the Binance Web3 Wallet, enabling users to inscribe and trade inscriptions including BRC-20 tokens and Ethereum Virtual Machine tokens.

BRC-20 is an experimental token standard for fungible tokens on the Bitcoin blockchain. Unlike Ethereum’s ERC-20 tokens, which employ the blockchain’s smart contracts, BRC-20 tokens make use of Ordinals inscriptions—a protocol that enables the inscription of data on individual satoshis, the smallest denomination of Bitcoin.

The launch of BRC-20 tokens has enabled the creation of meme coins atop Bitcoin, with tokens such as ORDI, SATS, and PIZA propelling BRC-20 tokens to a total market cap of over $2.8 billion, per CoinGecko data.

Welcome to the #Binance Inscriptions Marketplace.

Your go-to place for all things BRC-20 and inscriptions, built into the #Binance Web3 Wallet.

Find out more

— Binance (@binance) February 1, 2024

Ordinals and BRC-20 tokens have proved to be a contentious issue among the Bitcoin faithful, with Bitcoin Core developer Luke Dashjr arguing that inscriptions are “exploiting a vulnerability” in Bitcoin Core to spam the blockchain, causing transaction fees to surge.

Despite the criticisms, BRC-20s are showing no signs of going away, with Binance joining wallets such as Phantom in supporting the new token standard. And ORDI, the most valuable BRC-20 token by market cap, sits in the top 100 overall cryptocurrencies per data from CoinGecko.

Edited by Andrew Hayward

Stay on top of crypto news, get daily updates in your inbox.

Source: https://decrypt.co/215204/binance-launches-in-app-bitcoin-inscriptions-marketplace-brc-20-tokens