Binance Coin has Tripled Over The Course of 2019
By Jamie Green – Crypto Dealer
One of the biggest exchanges by trading volumes, Binance, has seen its cryptocurrency increase almost 3 times in value through 2019. Binance Coin (BNB) started the year at around $6.00 but has since climbed to over $15.00. This is showing strong interest buying Bitcoin for exchange to BNB.
BNB was introduced as a utility for their platform as a base trading pair. This means users can use the coin to directly buy cryptocurrency. Using a native token helps with liquidity as they can incorporate multiple base trading pairs. Binance recently stated plans to introduce Ripple XRP as a base trading pair allowing users to buy XRP for their trades. Users can even exchange their crypto back to XRP before cashing out.
Using BNB within the platform has its advantages. BNB is automatically used to pay for trading fees benefiting holders. These holders have also been rewarded in the past with extra BNB just for holding the tokens.
Binance conduct a quarterly burn of BNB four times a year. The last time coins were burnt was back in January and Binance have not yet reached the second quarterly burn. Over this same period, BNB has almost tripled and could see further increases to its value after the conclusion of the next burn event.
BNB is becoming a popular investment vehicle for ICOs since the debut of the Binance Launchpad. This platform allows the screening of projects and tokens for verification to list an ICO through the exchange. Conducting an ICO in this manner has been described as an Initial Exchange Offering (IEO) and the coin is likely to be listed on Binances exchange once concluded.
With potentially many more projects still to launch, an incubator could be the answer to help validate and develop new cryptocurrency projects to encourage crypto buying.
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