Binance Pool Rolls Out Ordinals Inscription Feature

Binance Pool, a Bitcoin mining pool, is introducing a new service called Ordinals inscription, allowing users to tag satoshis, keep records of ownership, and more. To use this feature, one must have a verified account and a Taproot address, the latest Bitcoin address format implemented in 2021. Despite a dip in Bitcoin’s value and reduced interest in non-fungible tokens (NFTs), Ordinals inscriptions continue to be widely used on the Bitcoin network. According to a report released on August 21 by the Ordinals Protocol, 84.9% of the 530,788 transactions on Bitcoin were inscriptions. Thus, Binance Pool’s shift towards focusing on Ordinals seems reasonable.

In the midst of regulatory challenges, Binance continues to be a subject of public attention. The platform is in a legal battle with the U.S. Securities and Exchange Commission (SEC) and is contemplating withdrawing from the Russian market due to sanctions. These issues have had an impact on the exchange’s business activities. After facing an SEC lawsuit in June, it was reported that more than $790 million in assets were pulled from the platform. Binance has also suspended certain services and announced it will cease support for Binance USD (BUSD) starting in early 2024.

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