Note: “This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro
- Crypto business models being tested amidst the meltdown
- Weak businesses wither out amidst real industry growth
- Binance increases adoption of its BNB coin in the hospitality sector
Bear market tests business model strength as weaker ones fizzle out
Well, bear markets have a beauty of their own. Although they suppress the prices, they do help in cleaning up the weak links from the industry- be it investors or businesses who are either fragile or are in here for some quick bucks. This recent meltdown in cryptos seems to be doing exactly the same. By applying a modernized version of Darwin’s ‘Survival of the Fittest’ theory, this bear market in cryptos is putting pressure on businesses to prove their model.
Of course, this pressure has resulted in some calamities, prominent ones being the main team responsible for developing Ethereum Classic (a spinoff of Ethereum) announcing that they will be closing operations and crypto social site Steemit along with adult entertainment site Spankchain have been laying off a large portion of their staff. But these calamities have cleaned up weaker elements of the industry and have strengthened the foundations for the crypto industry for exponential growth.
Binance expands adoption in the hospitality industry
While not many crypto stakeholders are happy with how 2018 has been for them, Binance seems to be having a wonderful time. 2018 has been the year when Binance has grown strong as an exchange, as a company and as a true flag bearer of the crypto world. Binance has expanded its operations into new verticals, added new products, added new pairs and yes has bought its native token Binance Coin (BNB) to best use. According to the recent news flow coming from the exchange, Binance has announced that it will be launching its own public blockchain called Binance Chain. Also its native coin, Binance coin (BNB) can now be used on a blockchain based hotel booking site with over 450,000 listings. This is a particularly interesting update because of the status of BNB coin in general and this sudden use case as a means of payment in sites other than Binance means that this unique asset may also be considered a cryptocurrency as well.