Developements

Binance coin to be traded against Fiat currencies on the eToro platform

Global investment platform eToro increases crypto trading pairs

Binance coin partners with eToro to bring the coin to the investment platform for trading and adoption of cryptocurrencies

The eToro platform has just added the BNB coin to be traded on the platform, the eToro is a multi-asset trading platform that allows individuals to trade in fiat and cryptocurrencies. Which has to lead the platform to add the native token of one of the largest crypto exchanges in the world Binance. This has now become the 13th most popular coin to be added to the trading list of the eToro platform.

The BNB coin will be available for buying and selling using any fiat currencies, Binance coin is an ERC-20 token that was launched back in mid-2017 after an ICO that gave the coin the 14th place as the largest crypto in the world. The BNB currently has over $1.2 billion in market capitalization.

The eToro company announced the addition of BNB to the platform, while Binance quoted that :

“eToro will now offer BNB to investors and traders to buy or sell using fiat currency. We are excited to be listed on eToro, whose team shares our belief in creating long-term utility and value.”  

The Binance coin is used for paying trading fees on the Binance crypto exchange and can also be held for increase investment opportunities in cryptocurrencies. Binance offers attractive discounts in order to incentivize BNB adoption on the platform and worldwide. On the eToro platform, BNB will help users to diversify their crypto portfolios further. The Binance coin is now the 13th added cryptocurrency to the eToro platform along with others like, Ripple XRP, Litecoin, Dash, NEO, Ethereum, Bitcoin Cash, EOS, IOTA, Cardano, Stellar, Ethereum Classic, and Bitcoin. These coins rank highest on the platform for trading.

Binance coin partners with eToro

The Co-founder and CEO of eToro, Yoni Assia  said that the platform holds true to the potential of cryptocurrencies and assets despite the sensational headlines that have been ringing for the death of crypto’s for sometime now. According to her eToro clients are also seeking to diversify their portfolios because of the addition of BNB to the trading and investment platform.

Some perceive BNB as a utility token

The Binance coin was initially meant to be used as a utility token in which it could help facilitate transactions on the Binance exchange platform. However, the token is now often referred to as the reason Binance became the world’s largest crypto exchange based on Volume, even before its second anniversary. Now the BNB coin has a high status and can be seen as a utility token as its value increased with the growth of the Binance trading platform.

The eToro company thinks that BNB being a utility token makes for a great addition to their platform as well, as Assia mentioned that:

“As a regulated securities broker, we have the ability to offer both utility and security tokens on our platform. We support the movement of assets onto the Blockchain and the tokenization of securities. In fact, we believe that in the future we will see the greatest transfer of wealth ever, onto the Blockchain.”   

The Blockchain technology allows for anyone to be able to create a currency, that has a good idea and some coding skills to be able to distribute the coin or token around the world, without the need for anyone’s permission.

binance coin partners with etoro

In an Autralian startup called the TravelbyBit is pushing for the currency-side of the tokens by integrating BNB payments with all merchants on its network. Binance founder and CEO also commented on the changing cryptocurrency landscape of the BNB coin adoption, saying that the addition of the Binance coin to the eToro platform will help it reach millions of followers in the process. He also noted that:

“As a utility token, we believe in creating long-term utility and value. We will continue to do so together with eToro.”

What is your opinion on this move by eToro to add BNB to the platform? Please feel free to leave your comments down below.

coinmag

My occupation is the Research of blockchains and they're practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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