Binance (BNB) Coin is a cryptocurrency created by the Binance Exchange. It was built on the Ethereum Blockchain following the ERC-20 protocol. BNB coin is currently the seventh largest cryptocurrency w.r.t. Market capitalization.
The price of BNB coin at 4: 00 Hours on 28th March 2019 is $16.78. It is trading 1.45% higher on a daily scale and 9.5% on a weekly level. It has gained almost 180% of its value since the beginning of the year. The price at the beginning of the year was $6.02.
Binance (BNB) coin is an Exchange Offering. Hence, its primary utility is the ‘token’ for settlement on Binance LauchPad and also as a trading pair with other cryptocurrencies on the Binance Exchange. Nevertheless, since Binance (BNB) coin is a cryptocurrency, it can be spent and received at more than just the Binance Exchange.
The use of Binance (BNB) Coin only for activities on the Binance Exchange also raises certain doubts regarding the Decentralization of the currency. Hence, the Binance Exchange team has released a list of avenues which accept BNB as a mode of payment to foster the growth of its use further.
The Binance Exchange has released a blog post listing the existing and new platforms that accept the BNB token.
According to the blog post, Binance (BNB) coin’s utility has increased considerably as over 50 merchants and cryptocurrency projects have started accepting Binance (BNB) coin. The most popular amongst them are HTC, CoinGate Exchange, Crypto.com, PundiX, Ledger, Jaxx, Trezor, BRD and so on.
The new additions are Loom’s Network, over 150 CoinFlip ATMs and over 171,000+ Netcoins Retail Locations.
The blog post also added that: “If you’re looking for a swanky house in Australia, you can use BNB to buy one. A beachfront residence in New South Wales, called “The Jetsons” is up for sale”
The reach of the Binance (BNB) cryptocurrency is expanding with the Exchange. Binance is the largest Cryptocurrency Exchange in the world, with a variety of products and is a popular brand. Moreover, being a cryptocurrency it’s utility as a mode of payment is vast. It also promotes ‘tokenization’ of the economy and increases the interoperability of cryptocurrencies.
Do you think Binance (BNB) Coin will gain mainstream traction like Bitcoin (BTC) and Litecoin (LTC) in the future? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com