Binance Coin Is Now In The Top Ten
The market cap for BNB has also been on a steady rise since last December and its currently above the 2 billion mark according to data from CoinMarketCap.com. The growth of the coin is the latest twist in the dramatic rise of Binance crypto exchange which was founded by Changpeng Zhao in 2017.
The stellar performance of the coin and the exchange which is the largest digital asset platform by traded volume in the world has left many impressed. Speaking to Bloomberg, Tushar Jain who is a managing partner at Multicoin Capital Management hedge fund was full of praise for the Binance team stating “this is the best executing team in crypto.” Adding “we expect to hold them for the foreseeable future.”
Binance Coin is used by holders to pay the fees that are charged by the exchange for trading. It’s also fast becoming a favourite medium of exchange among the issuers of ICOs which are being offered on the crypto exchange’s Launchpad.
The new initiative is allowing crypto startups to raise money by listing on one of the most liquid cryptocurrency exchanges in the world which already boasts around $1 billion in daily trading volume.
What has helped boost the profile of Binance Coin is the parent company’s practice of tying the performance of the platform to the number of tokens that are in circulation. When the exchange launched back in 2017, 200 million coins were issued through an ICO however to ensure the tokens don’t lose value; the company plans to spend 20% of its profits every quarter to buy back and destroy the BNB coins over the next ten years.
Can Binance Coin keep outperforming the other cryptocurrencies? Share your thoughts in the comment section below.