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Binance NFT Marketplace Halts Support for Polygon NFTs

Users on the Polygon blockchain network have a year left to clear out their NFTs from the Polygon blockchain on Binance. The cryptocurrency exchange has halted support for NFTs on the native marketplace dedicated to this blockchain byproduct. The trading platform has posted the update regarding the latest regulatory changes on its blog post on Friday.

The firm has maintained that these efforts are part of the plan for the firm to streamline its product offerings. Recently, Binance CEO CZ has confirmed on social media that top executives at the firm have not left the exchange platform. On this account, he further claimed that the trading forum is not winding down new projects.

He, however, maintained that the firm has managed to sunset old products in a smooth manner. With the recent changes, the users on the platform will not be able to purchase or list new NFTs minted on Polygon at Binance’s NFT marketplace.

Binance also posted an update on social media platform X that the account holders on the platform will not be able to stable LAND NFTs that are hosted on Polygon network. It means that NFT stakers may not be able to earn the daily rewards from Sandbox or SAND.

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On this account, the firm has retained that it has declared the decision after considerable consideration and evaluation.

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The company is planning to make its NFT products available on a streamlined scale. He further added that the users have until the end of the year to withdraw their NFTs holdings.

Polygon is 14th largest blockchain project by market cap and its native currency is MATIC. The token has lost 2.4% with a current trade price of $0.54 as on CoinGecko.

MATIC token prices soared high citing the news that Coinbase was planning to list its stock offerings on the blockchain. However, the price has now plunged to 21% since then.

Korean Asset Manager Mirae Joins Polygon for Securities Tokenization Drive

Mirae Asset Securities is working in tandem with Polygon Labs, an Ethereum scaling solution provider. The company is working on launching its securities in tokenized form. In this manner, the Polygon network is planning to adopt Web3 technology.

The total value of the asset management company is currently valued at $500 billion in client holdings. The firm has designed a new infrastructure to exchange and distribute tokenized securities.

The venture also includes other firms such as Coin Plug, Hana Financial, SK Telecom, and Next Finance Initiative (NFI). An executive at the firm has retained that tokenized securities include products like real estate, fine art, digital tokens, and bonds among others.

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Polygon network is also hosting tokenized securities for the top financial firms in the world such as Franklin Templeton. At the same time, Monetary Authority of Singapore or MAS started its tokenized foreign exchange and sovereign bond as prototypes.


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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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