This week, the world’s largest exchange, , released a stream of positive announcements. As a result, the exchange’s native Coin (BNB) has skyrocketed to hit its all-time high of $25.52. At the press time, the is at $24.59 with a massive $438 million in daily volumes. Moreover, with today’s price surge, BNB’s market cap tops above $3.5 billion.
The Coin has made massive gains over the last year with its price surging by 100%. This performance comes despite the massive crypto meltdown of 2018. Such a performance can be attributed to ’s constant efforts to bring important structural changes to the crypto platform. Also, has effectively managed to read the requirements of the crypto community.
Binance Launches Its Native Blockchain Network
Two days back, in the early hours of April 18, the launch of its new native network, Chain. Soon by the evening, confirmed the launch of its mainnet. The crypto exchange also that on coming Tuesday, April 23, it would execute Mainnet Swap.
It means the complete transfer of Coin , which are currently on the network, to its native Chain network. This is a massive achievement as nearly $3.5 billion worth crypto will migrate to a new network.
The Chain poses direct competition to platforms like . Further, it aims to create a complete ecosystem and use-cases for the Coin thereby increasing its utility. Along with Chain network, the company also announced the launch of its decentralized network (DEX).
Besides Coin, the Chain is custom-built for hosting the entire decentralized exchange. The Chain facilitates extremely huge transactional capacity with just one-second block times. CEO Changpeng Zhao explained:
“With the core Chain technology, DEX can handle the same volume as .com is handling today. This solves the issues many other decentralized exchanges face with speed and power.”
is trying to attract several -based crypto to its native platform. Besides better performance, the exchange also promises ease-of-use and better liquidity. However, will charge some listing fee from crypto projects willing to issue their on Chain. Depending on the size of the project, the listing fee could go to as high as $100,000 said Changpeng Zhao.
Soon after the official announcement of Chain launch, Mithril to be the first project to migrate on the Chian.
Binance Expanding to Singapore
Earlier this month, crypto exchange that it will soon expand its operations to Singapore by launching a fiat-to-crypto exchange. The launch will take place next week confirms CFO Wei Zhou. Speaking at the Paris Week, Zhou told CoinDesk,
“Next week we are going to launch the Singapore simple buy/sell on-ramp. It will actually be a new product we are launching, as a very easy buy/sell platform so users in Singapore can buy and sell with Singapore dollars.”
Zhou said that initial the exchange only plans to allow . However, it will soon add other digital currencies upon confirmation from the local jurisdictions.
Published at Sat, 20 Apr 2019 12:32:29 +0000
