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Weiss Ratings Suggests Binance Coin (BNB) Could be the Next Bitcoin

Binance Coin BNB Weiss Ratings 2019

While the entire market of cryptocurrency has had a strong 2019, one coin in particular has managed to post 300 percent gains since the start of the year. Binance Coin (BNB), the native currency to the world’s leading crypto exchange by volume, has outpaced both Bitcoin and the market with its massive gains over the last month. Given how Binance Coin has, in part, taken the reins of market movement, analytics firm Weiss Ratings is now asking the question: Is BNB the new Bitcoin?

Binance Coin is capable of operating as a standalone, decentralized currency, albeit with a fair amount of influence from its parent company exchange. However, it would be remiss not to point out that the price of BNB has largely benefited from its direct association with the exchange, as opposed to the utility or merits of the coin itself. For one,

Binance incentivizes users to purchase and hold a sum of BNB through several of its programs. Investors can receive a discount on trading fees if they pay with BNB, which is automatically deducted from a users wallet. Binance’s updated launchpad service is also driving the demand for BNB and, by proxy, its price. In order to participate in ICO token sales on Launchpad, investors must purchase–and hold for 20 days prior to the launch–a minimum of 100 BNB. At current market prices that equates to $2300 in BNB. However, investors adamant on participating in Launchpad sales are encouraged to buy and hold 500 BNB to receive the greatest chance of being drawn in the lottery, an amount that would come to $11,500 (about the cost of two BTC).

All of this, in conjunction with the price of BNB rising 300 percent since the beginning of 2019, has led Weiss Ratings to question, via Twitter, if the currency can replace Bitcoin as a market leader. Before today’s BTC price rally, which saw altcoins across the board drop as Bitcoin improved in dominance, Binance Coin appeared to be dictating the direction of the market. BNB posted several consecutive days of double-digit price gains, bringing both renewed interest and investment into the space of cryptocurrency.

As Forbes points out, Weiss has given BNB the same rating as some of the industry’s most prolific cryptocurrency. Ripple’s XRP, EOS, Bitcoin and Binance Coin are the top four cryptocurrencies as evaluated by Weiss, and the only currencies to receive a grading of B-. Even Ethereum, which has been the darling of the industry for several years, scored lower than BNB with a grade of C+.

Binance Coin, seemingly defying odds, has climbed into the top ten of cryptocurrency by market capitalization and is threatening Litecoin for the sixth overall position. The coin commands $3.2 billion in market capitalization, and has room to grow with a circulating supply of 141 million BNB–far less than other coins such as XRP and EOS.

In the end, BNB’s strong ties to Binance may continue to provide enough incentive for investors to take interest in the asset, even at the exclusion of market leaders like Bitcoin. While Binance Coin may not fit the traditional mold of cryptocurrency, or even be the most representative coin for the industry, it does offer traders utility that is hard to come by in other currencies.

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Binance Coin (BNB) Price Defies Odds, Up 300 Percent in 2019

Binance Coin BNB 300 Percent 2019

Binance Coin, the native currency to the world’s leading cryptocurrency by exchange, Binance, has continued to defy odds in its double digit price rally.

While Bitcoin made a strong push throughout the week to close at above $5300, BNB has been the standout cryptocurrency in terms of price movement. The majority of altcoins are experiencing a price regression, giving some indication that Bitcoin may be about to take off. Historically, the interim following industry-wide bull runs, such as the gains created throughout April have turned out favorable for the price of BTC. Investors, rather than cashing out in fiat or transferring to a stablecoin, instead flip their profits into Bitcoin.

However, Binance Coin has continued to gain value, moving against the trend of price consolidation impacting the majority of the market. On April 19, BNB closed on double digit price gains, and is up 4 percent as of writing.

Why Has BNB Price Continued to Rise?

Compared to most of the market, Binance Coin has managed to create a fair bit of utility that extends beyond price speculation. Ironically, the coin that is synonymous with the world’s leading cryptocurrency exchange has managed to generate what the majority of the industry is searching for: a reason to invest in and use outside of anticipated price gains.

Binance and CEO Changpeng Zhao have put together a series of programs that incentivize not only investing in BNB, but holding for longer periods of time. Not only can users conveniently “sweep” left-over and small amounts of currency into BNB, but the coin offers investors a discount on trading fees. The end result is that nearly every investor on BNB has ownership in or incentive to own BNB, increasing the familiarity and liquidity of the coin.

Binance has also instituted a new lottery program for its ICO Launchpad service, which features BNB prominently. As opposed to the old first-come, first-served model that Binance previously employed, the lottery relies upon users being issued tickets in proportion with the amount of Binace Coin they hold. However, investors hoping to participate in the lottery must keep the requisite amount of BNB in their account–as opposed to buying and then dumping the coin in short order–creating an artificial demand on the supply of Binance Coin.

Even without the most recent price rally for cryptocurrency, Binance has created conditions for their native exchange currency that has investors banking on future promotions. Much of the current investment into BNB driving up the price is anticipation that the exchange will continue to find ways to add value to the coin. Given the direction of cryptocurrency adoption, which has been positive and upward throughout 2019 and looking to turn exponential, current investors are looking to the flood of new traders that will enter the industry over the coming years.

Assuming Binance can maintain its position as the world’s leading cryptocurrency exchange, BNB is likely to become more valuable as an increasing number of investors participate on the exchange. While BNB is already up 300 percent since the start of the year, investors believe that number will continue to climb with overall industry adoption.

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Binance Coin (BNB) Price Skyrockets Following Launchpad Update

Binance Coin BNB Price Cryptocurrency

While Bitcoin has slipped below the critical $4000 mark after several days of low price volatility, Binance Coin (BNB) was one of the largest price gainers over the weekend.

Binance Coin, the native currency for the world’s leading cryptocurrency exchange by volume Binance, pumped over 12 percent yesterday on news that the exchange was updating its launchpad operation. Previously, Binance’s launchpad service operated as a first come, first served platform for users looking to invest in new coin projects.

Now, with the most recent update, users will be required to obtain tickets to participate in the token sale, with investors chosen randomly through a randomized lottery system. The more tickets an investor holds, the more opportunities they have to enter the drawing and thereby increase their chance of participating in the launchpad coin sale.

However, the new policy has massive ramifications for Binance Coin. As opposed to purchasing lottery tickets or applying for them, users are issued a corresponding number of lottery tickets relative to their BNB holding. The more Binance Coin an investor holds, the more lottery tickets they will receive to enter in the launchpad sale, with 500 BNB being required to receive the maximum five tickets.

In addition to using Binance Coin to facilitate the new lottery system, the company is also requiring a minimum BNB be held in user accounts to even be issued a single ticket. The end result is that investors who wish to take place in Binance Launchpad token sales will be required to hold at least 100 BNB in their account in the 20 days leading up to the sale to even be considered for the lottery–let alone actually be selected via the lottery. Active investors of Launchpad sales will likely want to up their chance of participation, requiring the purchase and holding of 500 BNB to maximize their lottery ticket position.

At a price of $16.31 per BNB, as of writing, Binance users are looking at an investment of over $1600 to even participate in Launchpad coin sales. Savvy investors immediately recognized the boom in demand that would accompany Binance’s new policy, with the price of BNB skyrocketing double digits yesterday despite overall lackluster market price moves.

On one hand, Binance’s new lottery policy provides a more even playing field for investors looking to participate in coin sales without the hassle of being the first to enter a purchase on Launchpad. However, the policy change also has the indirect effect of increasing demand and use for BNB in a way that should benefit Binance and current Binance Coin holders. In addition, the details listed in the policy require investors to hold their BNB over the course of 20 days leading up to the new coin launch, which prevents regular cycles of Launchpad enthusiasts purchasing and dumping Binance Coin just for lottery tickets.

It is possible that Binance’s new policy could backfire on the exchange in the event that users tire of having to purchase and hold BNB. The lottery system also throws a measure of luck into the investment process, with users being required to commit to a predetermined amount of coins to be purchased in the event that their wagered lottery ticket is drawn at random.

Nonetheless, the company has managed to initiate a policy that both gives the appearance of increased fairness in the Launchpad process, while also increasing the value of Binance Coin.

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Tron (TRX) Founder Believes BTC has Bottomed. Binance CEO, CZ, is Also Optimistic

The market for crypto and blockchain technologies has a promising future, not only for entrepreneurs but also traders and speculators. Both Justin Sun, founder of Tron and Chanpeng Zhao, founder of Binance, believe this and share their statements a few days ago with their Chinese followers.

In addition to significant growth in trading volume, the number of startups, fintechs and industrial developments based on blockchain technologies has grown considerably, and these two businessmen of recognized presence in the crypto-verse are aware of this.

In an interview for the Chinese news outlet Huoxing24, the founders of Binance Exchange and Tron (TRX) Blockchain shared their vision about the current state of the market, the future of cryptocurrencies and how blockchain technologies can help achieve greater transparency in the field of charity and donations.

Justin Sun: Bitcoin (BTC) Has Bottomed. DApps Are the Future

courtesy: Bitcoin Exchange Guide

Justin Sun, the founder of Tron, explained that he is optimistic about Bitcoin. The man behind the blockchain with one of the most active communities explained that it is difficult for the market to continue falling; however, he foresees a stability cycle of about 3 to 5 years before there is a serious bull run:

“I think it is already the bottom, and the bear market is over. From now on for three to five years, it is now an absolute low. For this year, I think Bitcoin will fluctuate between $3,000 and $5,000.”

Likewise, he mentioned that beyond financial speculation, the most significant business opportunity in crypto verse is in the DApps. According to Sun, there may be an explosive increase in this industry and BitTorrent could be a catalyst for this shift (important to note that the Tron Foundation recently acquired BitTorrent).

“The opportunities for market breakthroughs this year include the explosion of the DApp ecosystem, the large-scale application of the lightning network, and the three major opportunities for BitTorrent’s 100 million users to enter the cryptocurrency market.”

CZ: Focusing on the Bigger Picture

CZ Binance

For his part, CZ, CEO of the most important exchange by traded volume and the creator of BNB, the non-stablecoin token with the largest market cap, explained that he is also quite positive about the market, although he clarified that his optimism points more towards the medium and long term and is focused more on the industry than on pure speculation:

“I can’t make price forecasts. If I make a price forecast, the consequences can be imagined (that is, 49% of the cases are wrong because I am always optimistic). Our goals are generally set even further, five years, ten years, 100 years. In the long run, the development of blockchain technology will certainly be faster and faster. Digital currency will not disappear but will spread to everyone. Therefore, I am always optimistic.”

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Binance Driving Close To Nasdaq In Profit, Outperforms Deutsche Bank

It is surprising to see that Binance Q1 2018 profits is greater than Deutsche Bank’s with the exchange driving very close to that of Nasdaq’s. This is telling the world that cryptocurrency has come to stay.

Above is the summation of Dovey Wan, the managing director of DanHua Capital (DHVC) and an early investor in Dfinity, ZCash, Cosmos, Kyber and Handshake.

The cryptocurrency investor on Twitter compared Binance to Deutsche Bank and Nasdaq, claiming Binance outperformed the bank in Q1.

The crypto enthusiast used pictures to depict her comparisons. Going by her post, Deutsche Bank made a profit of $146 million after considering their operation cost and 100,000 employees’ salaries.

She said:  “Binance now has like 300ish employees, NO headquarter, NO central campus, even the founders are constantly on the move intercontinentally. The friction of communication has to be tiny in order to get things done in such fashion which is unbelievable for traditional corp structure”

After she was condemned for comparing Binance with Deutsche Bank, she made another comparison:

“Someone said it’s unfair to compare Binance with Deutsche Bank (Exchange vs Bank) so I made this Now it’s apple to apple I suppose?”

In the image, she pointed that Binance is just 8 months, and has 200 employees, but made $200M at Q1 of 2018, comparing it to 47 years old Nasdaq with 4500 employees and $209M profit. She posited that Nasdaq’s 2018 Q1 profit was just $9M ahead of Binance.

Exchanges Accused Of Imbalance

Many a number of exchanges have been accused of demanding tip before they accept some cryptocurrencies be listed. While Binance was also accused of the same, there is no evidence to back it.

Meanwhile, cryptocurrency pundit, John McAfee, had earlier called for total boycott of HitBTC and other exchanges which he said were behind market manipulations and having exorbitant buy-in that is greater than the poor’s monthly income.

McAfee tweeted: “The crypto exchanges have become the thing that we have originally fought against. Their power is immense. HitBTC, for example, has increased suffering for millions of poor people who cannot afford the minimum buy-in since it is greater than their monthly income. Boycott them.”

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Binance (BNB) Teams Up With Nexo (NEXO) To Kill Traditional Bank Loan

Nexo (NEXO) has made known it has teamed up with Binance (BNB) to disrupt the traditional bank loan system with its newest invention.

At the moment, Nexo now accepts Binance coin as collateral for minimum instant loans of $1,000, creating joy in the hearts of BNB lovers.

Nexo Twitted: “Nexo https://nexo.io now accepts @Binance Coin (BNB) as collateral for instant loans in addition to BTC, ETH & NEXO, a great utility feature for BNB, as holders can stake their coins & get an instant loan in USD, EUR & Tether. Min loan is $1,000 and max is $2M @cz_binance.”

Talking about the integration, Changpeng Zhao, Founder of Binance, said this is “a good example for integrating $BNB in your ecosystem. Many thanks!”

Nexo is an initiative of Credissimo, a firm that has over 10 years experience providing instant loans to millions of people across Europe.

The firm has been identifying and successfully solving inefficiencies on lending markets by creating innovative and convenient financing solutions. Nexo offers instant tax-efficient, trouble-free loan up to $2M per client.

Through its decision to leverage blockchain technology to solve the lack of financing for the new digital economy, Credissimo invented Nexo. At the moment, Credissimo has granted $120 million loans and collected $155 million cash.

Recently, Nexo announced it has integrated the Bancor Protocol to provide continuous liquidity for the trading of NEXO Tokens.

According to Nexo, “The Bancor Protocol utilizes a “connector” method which links tokens together using a formulaic price calculation mechanism, without the need of matching buyers and sellers.”

Through the idea, Nexo created a “relay token” that gives room for NEXO Token to be converted into any other token in the Bancor Network at a formulaically calculated price.

On the development, Nexo managing partner Georgi Shulev said: “Boosting liquidity is of the utmost importance for the NEXO token.”

“Adopting the Bancor Protocol accomplishes precisely that and will be welcomed by our clients who need the NEXO Token to lower the interest rates on their loans.”

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