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Polymesh Wins Binance as Node Operator on Its Layer 1 Blockchain
The exchange will let POLYX holders stake that token on Binance by the end of this week.
Updated May 9, 2023, 4:12 a.m. Published Apr 20, 2023, 7:00 a.m.
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Binance, the world’s largest cryptocurrency exchange by trading volume, 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.
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. The exchange 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.
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The aim of the Binance partnership is to advance Polymesh’s mission to make regulated asset trading more accessible to a wide range of clients, Polymesh’s leadership said.
“Onboarding Binance as the newest node operator provides Polymesh with a massive boost in visibility, credibility, and security,” Graeme Moore, head of tokenization at Polymesh, said in a press release Thursday announcing the agreement.
Binance will become authorized as a Polymesh node operator and begin producing blocks by the end of this week, according to Moore. The exchange joins Polymesh’s 17 existing node operators.
The price of POLYX, which began the year near 11 cents, has been around 17 cents lately. The token has a market capitalization of about $100 million, according to CoinMarketCap. The token jumped as much as 11% in the 30 minutes after the announcement.
UPDATE (April 20, 07:30 UTC): Adds token price reaction in last sentence.
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