Trustology Extends Custodial Wallet Support To Binance Chain
Trustology Extends Custodial Wallet Support To Binance Chain
May 8, 2020
Trustology Extends Custodial Wallet Support To Binance Chain
Trustology Extends Custodial Wallet Support To Binance Chain
May 8, 2020

Crypto custody platform Trustology has extended its services to Binance Chain and plans to offer custodial trading through Binance DEX. Binance recently announced plans to build a “smart chain” running parallel to the existing Binance Chain.

According to Trustology, this may, in fact, encourage the creation of decentralized applications and an indication the Binance network is “likely to pursue the fast-growing DeFi ecosystem.” 

The platform said the move would allow users to make transactions with the Binance Coin (BNB) and all third-party cryptocurrencies with full custody over their assets. 

Trustology Chief Executive Officer (CEO) Alex Batlin said:

With the value locked in crypto DeFi markets hitting the $1 billion milestone earlier this year, a quarter of what it was worth a year ago, the market is poised for continuous growth. Binance developing their own DeFi ecosystem is an obvious win for the Binance Smart Chain, and for us as custodians as we’re always striving to offer our clients as many opportunities as possible to maximise earning potential in the financial markets.

Batlin believes platforms supporting decentralized finance need greater scalability in order to facilitate the mainstream adoption of DeFi protocols. Currently, only 28 wallets, mostly non-custodial, support Binance Chain while adding:

ALSO READ :  US Dollar Deposits On Binance US Now Have FDIC Insurance Coverage

One of the reasons a lot of custodians don’t support Binance chain and the DEXs, is because they have a different architecture which poses a number of challenges, especially when it comes to signing transactions. Our unique re-signing technology has enabled us to quickly support Binance Chain in a custodial way, and as and when Binance Smart Chain comes on board we’ll be able to support any application or new asset type created on top of that like we do with Ethereum.

There is an opportunity for custodians like Trustology to benefit from the expansion of the DeFi ecosystem.

Source: Cointelegraph | Image: Unsplash


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.