• Binance, the world’s largest cryptocurrency exchange, is becoming a node operator on Polymesh and will allow staking of the layer 1 blockchain’s POLYX token through its platform by the end of this week.
• The aim is to make regulated asset trading more accessible to a wide range of clients.
• Binance will become authorized as a Polymesh node operator and begin producing blocks by the end of this week.
Binance Node Operator on Polymesh
Binance, the world’s largest cryptocurrency exchange by trading volume, is becoming a node operator on Polymesh and will allow staking of its layer 1 blockchain’s POLYX token through its platform by the end of this week. As a node operator, Binance will help run the blockchain, writing new blocks to certify transactions that enter the chain before broadcasting them to the Polymesh network. It will also directly provide staking services to holders of the chain’s native token, letting them reap rewards on their holdings by locking up their tokens for a predetermined period of time.
Benefits for Polymesh
The partnership between Binance and Polymesh aims to advance Polymesh’s mission to make regulated asset trading more accessible to a wide range of clients.. According to Graeme Moore, head of tokenization at Polymesh: “Onboarding Binance as the newest node operator provides Polymesh with a massive boost in visibility, credibility, and security.” The price of POLYX jumped 11% after announcement was made public.
Staking Services Available
With this partnership, Binance users can now stake their POLYX tokens through Binance’s platform which allows them to lock up their tokens for predetermined period time in order receive rewards on their holdings. Once they become an authorized node operator by the end of this week they will be able start producing blocks which are broadcasted into poly mesh network as well as directly providing staking services.
Market Capitalization
The market capitalization for POLYX has been around $100 million according CoinMarketCap and it began year near 11 cents but lately it has been around 17 cents.
Conclusion
This newly formed partnership between binance and poly mesh means that customers can now take advantage from additional opportunities such as being able stake their coins via binance’s platform for rewards without having worry about security issues since binance is known for its safety measures that protect customers assets from any malicious activities or hacks .