Binance to Support Bitcoin ARC-20 Tokens via Web3 Wallet

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  • Binance has announced support for Bitcoin ARC-20 tokens through its web3 wallet
  • The tokens are a product of the Atomicals project on the Bitcoin blockchain
  • The exchange also revealed that it will waive trading fees for the tokens for a month starting May 2

A month after ceasing support for Bitcoin NFTs on its collectibles marketplace, Binance is increasing its interaction with other aspects of the Bitcoin blockchain. The exchange has announced that it will support the Bitcoin-powered Atomicals project and its ARC-20 tokens through its web3 wallet. The exchange also disclosed that it will waive transaction costs for one month ending June 2 for entities interacting with ARC-20 tokens via its wallet, something that’s likely to increase the project’s usage within the zero-fee trading window.

ARC-20, BRC-20, and EVM Tokens Share a Home

In an announcement, Binance said that the tokens will be available on its Inscriptions Marketplace, where they’ll share a home with “BRC-20 and EVM tokens.” ARC-20 assets tap the blockchain’s Unspent Transaction Output (UTXO), a system that’s also leveraged by Casey Rodarmor’s Runes Protocol.

The exchange revealed that the integration is part of its mission to enhance the Binance Web3 Wallet. The Atomicals project seeks to bring Ethereum’s ERC-20 standard to the Bitcoin blockchain to allow for the creation, trading, and movement of fungible tokens on the blockchain.

Apart from adding ARC-20 tokens on its Inscriptions Marketplace, the exchange also said that it’s further enhancing its web3 wallet “with the integration support for Taproot” and revamping the wallet’s “Discover page” to ease access and exploration of web3 services and features.

Ex-Binance CEO Gets Four Months in Prison

The integrations come three weeks after the exchange’s independent venture arm Binance Labs announced an investment in Bitcoin DeFi platform BounceBit. It also comes a day after the exchange’s former CEO Changpend Zhao was sentenced to four months in prison.

With Binance expanding its involvement within the Bitcoin ecosystem, it’s to be seen whether it will have an effect on the adoption of the Atomicals protocol and Bitcoin-powered projects.