Cryptocurrency exchange Binance today saw its in-house token Binance Coin (BNB) become available to buy and sell with fiat currency for the first time.
In a partnership with UK-based trading platform eToro, the exchange will open up its token, which traders can use to pay fees, to direct exchange against the euro, British pound, US dollar or Japanese yen. BNB is the thirteenth cryptocurrency asset to launch on eToro, which has cemented its bullish position on the asset class over the past two years.
Commenting on the decision, eToro CEO and co-founder Yoni Assia continued the upbeat sentiment. “Despite sensational headlines about the death of crypto, we continue to believe in the potential for crypto assets, as do our clients who are increasingly looking to diversify their crypto holdings,” he said in an accompanying press release. “In response, we will continue to add the leading crypto assets to our range and we are pleased to add BNB to the platform.”
About eToro: With innovative investment tools and a collaborative trading community, eToro empowers millions of users in over 140 countries to trade and invest in a simple and transparent way by providing easy access to innovative investment tools, with the added value of an engaging, collaborative trading community.
About Binance: Binance is one of the largest and most liquid alt coin trading platforms with millions of users from over 200 countries. It's only fundable by crypto and it offers easy trading on over 150 different cryptocurrency pairs.
About Binance Coin (BNB): During it's ICO, Binance issued its own token called the Binance Coin, with BNB as the symbol. BNB runs natively on the Ethereum blockchain and follows the ERC20 token standard.The token was established with a total supply of 200 million. As per their whitepaper, Binance plans to use 20% of our profits each Quarter to buyback and burn BNB, until 50% of the total BNB supply (100 million) is burned. The BNB token itself has multiple forms of utility, essentially being the underlying gas that powers the Binance Ecosystem. The current most prominent use cases include using BNB to: - Pay for trading fees on the exchange, obtaining the equivalent of a 50% discount on trades (during the first year). - Monaco has included support for Binance’s BNB token to its platform which includes the Monaco Visa Card and mobile app. - Uplive platform supports BNB to buy virtual gifts. You can use BNB to pay for any fees on their platform, including but not limited to: Exchange fees, Listing fees, and any other fee. When you use BNB to pay for fees, you will receive a significant discount.
Binance Coin (BNB) is down 0.16% over the past 24 hours and is currently trading at $9.37.
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