Bithumb, one of the largest exchanges in South Korea is reportedly going to list the native token of rival exchange Binance called Binance Coin (BNB) in a rare occurrence since exchanges often don’t list rival firm’s native token. The news was reported by Techflow and the official clipping shows BNB will be paired against BTC.
According to TechFlow, the South Korean exchange Bithumb will list Binance's platform currency BNB on May 27th. It is rare for a large exchange to launch another exchange's coin. There have been rumors that Binance tried to acquire Bithumb. pic.twitter.com/mNwfWy5lOH
— Wu Blockchain (@WuBlockchain) May 27, 2021
BNB was launched as a utility token to carry out various in-exchange operations such as discounted trading fees and token swaps, however, the popularity of the token exploded this bull season when Binance Smart Chain (BSC), the native blockchain of the Binance ecosystem became a popular choice for ERC-20 traders amid rising gas fee on Ethereum network.
The price of BNB started to see a massive uptrend towards the end of February when it was trading just under $50. Within two months the price rose over 10X and registered an ATH Of $669. The massive surge also propelled BNB to top-3 cryptocurrency by market cap where it flipped the likes of XRP and BCH on its way to the top-3.
The popularity of the BSC is evident from the fact that at its peak it was handling 4X trading volume than Ethereum network. While other native tokens of several exchanges including Huobi also saw traction this bull season, but none came close to the price rise of BNB.
BNB is no Longer Just a Utility Token
Binance is a top crypto exchange in terms of trading volume and has become a leader in leverage trading as well over the past year. The popularity of the Binance ecosystem along with the rising demand for native chain BSC has resulted in making BNB more than a utility token.
BNB is now actively being seen as an investment asset by many with price targets topping $1,000 at the peak of the bull run. BNB is currently trading at $366.62 with a 4% price fall over the past 24-hours.