- Binance exchange’s BNB token has made it into top 10 cryptocurrencies
- Strong fundamentals and use cases play to BNB’s cause
- BNB currently trades at $8.81
Binance cryptocurrency exchange’s native token BNB has recently made its presence felt in the crypto industry when it made its way through the top ten cryptocurrencies in CoinMarketCap crypto table. In the past 24 hours, BNB has recorded impressive upward traction of almost 8 percent and currently trades at $8.81.
The impressive behavior of the BNB coin is not an overnight success. Led by one of the most popular thought-leaders in the crypto space, CZ and the team at Binance has been consistently working the extra hour and going the extra mile to propel the nascent industry into a new and mature era.
The Utility of BNB
One of the major issues stifling the growth of crypto space is the colossal number of projects with next to nothing to show for their coin’s utility. However, Binance’s BNB coin has more than just a single use case.
The BNB token works as gas for Binance, which means that it is a medium of exchange and a store of value to carry out crypto transactions in the exchange. Using BNB coin to execute transactions benefits users in that it ensures that they pay a minimal fee.
Further, Binance has come up with a slew of services and features in recent times which have further pushed the token up the ranks.
BlockchainReporter informed on January 16, 2019, about the launch of Binance’s new crypto-fiat exchange which will aim towards capturing the European market. The new arm, named Binance Jersey, currently deals in Euro, Pounds, Bitcoin (BTC), and Ethereum (ETH).
According to Binance, this new platform will provide “freedom from looming Brexit uncertainty where the pound and euro are also in concern.”
Similarly, on November 9, 2018, we informed our readers about the launch of Binance’s analytics research arm. The arm’s primary function would be to publish comprehensive reports on various coins, networks and so on, giving detailed information for potential investors.
On a more recent note, Binance Launchpad, a token sale platform for ambitious projects, recorded historic sale of TRON’s BTT token. According to the figures, the sale saw 50 billion BTT tokens sold in 14 minutes.
The impressive performance of BNB again solidifies the fact that strong fundamentals are of utmost importance in the already competitive emerging industry of cryptocurrencies.
