Binance is the largest cryptocurrency exchange by trading volume. Based in Malta, it continues to drive forwards in the name of crypto with striking innovations that may bring long-range value to its token and for its exchange(s) to remain near the top of the crypto space race.
Is it to be the Amazon of crypto? Its native token BNB is one of the few to have already reflected some of this value, but it could continue to rise as relevance and utility rises.
It was always seen as somewhat of a risky bet chiefly due to the risk of major exchange hacks that could undermine the entire market in an instant. Any centralised crypto exchange is potentially more vulnerable to a range of potential attacks, as they hold funds on behalf of active traders. However, it has since launched its own decentralised version of its exchange BinanceDEX, which if it grows could play a more secure role in the future of crypto. The Dex operates on its own high-performance blockchain Binance Chain, the main impetus for its inception, but it has seen a decent amount of tokens migrating to its platform.
It’s not always an easy task to appreciate the details influencing the moves that Binance and Binance Labs makes, but its huge presence means that every move is worth watching and processing. In terms of its token BNB, it’s not easy to see where the actual value of BNB lies, beyond its reduction in fees on its exchange for frequent traders. But with the growth of its sites and trading features you can see more value avenues being opened up down the line.
Therefore, news relating to the expansion of the ecosystem of Binance are interesting for its user-base, utility and potential as a dominant ‘gateway’ into crypto. It will remain a token in demand for as long as it retains its position, and avoids major breaches or hacks.
Added to Ade’s Long-HODL portfolio.
Developments & Info
- Binance to launch Binance.US with a range of major cryptos. This will see it go up against Coinbase with full NY regulatory compliance.
- Binance acquires/assimilates BinanceJEX for derivatives products.
- Binance stablecoin pegged to dollar BUSD (relevance Binance.US).
- Margin lending
- Project ‘Venus‘
- All latest news…..
Benefits for BNB holders
- Reduced fees for trading
- Token burn of BNB
Recommended external wallet for BNB token: Enjin wallet (also supporting Binance Chain tokens)
Current price of BNB on Livecoinwatch
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N.B: This is personal opinion from my own explorations and not professional financial advice. Always do your own research.