Binance Pool launches Ordinals inscription service

Binance Pool, the Bitcoin (BTC) mining pool, is launching an Ordinals inscription service for users to annotate satoshis, store ownership records, and more.

To access this service, users must have a verified account and a Taproot address, the most recent Bitcoin address format activated in 2021.

Even with Bitcoin’s recent price decline and waning enthusiasm for non-fungible tokens (NFTs), Ordinals inscriptions remain popular on the Bitcoin network.

In an Aug. 21 report, the Ordinals Protocol disclosed that out of the 530,788 transactions on Bitcoin, 84.9% were inscriptions.

Therefore, as a customized feature, the decision for the Binance Pool to refocus on Ordinals appears logical.

Binance remains in the public spotlight due to regulatory uncertainties. The exchange is tussling with the United States Securities and Exchange Commission (SEC) and considering an exit from the Russian market due to sanctions.

These challenges have affected the exchange’s operations.

Following the SEC lawsuit in June, reports revealed that over $790 million of assets were withdrawn.

Binance has since halted certain offerings and will stop supporting Binance USD (BUSD) from early 2024.