Binance integrates Elrond Tokens, adds UTK UTRUST as the first ESDT on the platform

According to reports, Binance, the world's largest digital asset exchange and the trading platform of the likes of Bitcoin, Ethereum and $Quint, has completed the integration of the Elrond Standard Digital Token (ESDT) standard and launched the UTK UTRUST to the digital platform as the first ESDT token.

The digital exchange platform will now be able to list ESDT tokens for trading as a result of this new development. Elrond tokens are defined by the Elrond Standard Digital Token (ESDT), which is the industry standard. The commencement of the new relationship will be marked by the introduction of Utrust's UTK coins on Binance.

Binance has covered almost every aspect of DeFi finance and liquidity management. The platform has recently began to grow, and DeFi and TradFi entrepreneurs are being aggressively incorporated. As part of its objective to open up new areas in DeFi, the exchange executed an integration contract with Elrond to distribute the ESDT tokens.

The first token to take advantage of this opportunity is Utrust, an Elrond-based payment processor. The web3 startup, which began as an Ethereum ERC20 coin, has only lately migrated to the Elrond network. The move was prompted by high gas fees and slow blockchain transactions. After becoming an ESDT token, Utrust's UTK can now be deposited and withdrawn directly on Elrond.

The key benefit of this integration is that it reduces transaction costs and speeds up UTK transactions. Given 9f Elrond’s advanced technology and infrastructure, it will be a realistic target for UTK. The payments company has published the UTK 2.0 economies upgrade, which will improve the UTK tokens’ use. This is intended to revolutionize the entire view of web3 payments and bring this industry to a wider variety of merchants due to the quickness and incentives. Elrond and Binance’s integration comes at a good time for UTK, and it’s expected to offer these visions a boost. According to Elrond, Binance will help sell the blockchain’s native products to a wider audience. Elrond CEO Beniamin Mincu, noted that the startups on Elrond will have access to the largest marketplaces and deepest liquidity imaginable through Binance. In a similar vein, Sanja Kon, CEO of Utrust, believes it will spur the development of their Merchant Yield product and play a vital part in the mainstreaming of web3 payments. Consequently, this integration will greatly improve the project’s scalability.