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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.

The post Binance Coin (BNB) Price Skyrockets Following Launchpad Update appeared first on Ethereum World News.

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Binance Labs and Argentina’s Government Partner to Support Blockchain Adoption in the Country

In a blog post a few hours ago, the team at Binance announced that the Government of Argentina will be supporting Binance Labs development efforts in the country. The collaboration is part of the blockchain and crypto revolution in the country.

Binance Labs has held several events and meetups in the country and Argentina is an integral part of their global expansion plans. Buenos Aires is this year’s regional hub for the Binance Labs Incubation program for Latin America. The program will begin its second season this month and has picked Argentina for its role in embracing blockchain and crypto in the region.

Government Grant of Up to $50,000

Argentina’s Ministry of Production and Labor has pledged to support Binance Labs and LatamEx with its Accelerator Program. The latter is offering a grant of up to $50,000 on every project Binance Labs invests in. This pledge is valid for up t0 10 projects per year. With this deal, the Argentinian government becomes a Binance Labs partner in blockchain investments in the country.

Ella Zhang, Head of Binance Labs, explained why Argentina is unique in furthering the adoption of blockchain technology.

Argentina is at the forefront of blockchain adoption and we’ve witnessed how it’s becoming home to some very passionate blockchain communities during our trip there.

Our mission at Binance Labs is to realize the full potential of blockchain technologies. To that end, we are very excited to support blockchain projects, entrepreneurs and developers through our Buenos Aires chapter, to advise and mentor them, to find product-market fit, and provide them with in-time access to global blockchain technology development to solve local problems.

Pablo Orlando, Founder & CEO of LatamEx and Founders Lab, also added that Latin America is at the forefront of blockchain adoption and real use cases of the technology. Argentina has become a hub for the best projects and entrepreneurs in the region. With the Binance Labs incubation program, such projects and talented individuals will have a chance to flourish.

More on Crypto and Blockchain Adoption in Argentina

The country of Argentina has accelerated adoption of crypto and blockchain as a way of working around its economy’s recession. The country has crypto ATMs and many businesses accepting cryptocurrency payments. One example of mainstream crypto adoption is the capability of topping up the country’s state public transport card, SUBE, using Bitcoin.

Recent Performance of BNB 

Further looking at the crypto markets, we find that Binance Coin (BNB) has had an amazing run in the past few days. The token is now valued at $15.37 after a recent peak of $15.56. BNB is now ranked 7th on Coinmarketcap.com ahead of Tether (USDT), Stellar (XLM), and Tron (TRX).

What are your thoughts on Binance Labs and the Argentinian government partnering to support blockchain projects in the country? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Binance Labs and Argentina’s Government Partner to Support Blockchain Adoption in the Country appeared first on Ethereum World News.

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Here is What is Driving Binance Coin (BNB) in the Crypto Markets

Moment ago, Binance Coin (BNB) achieved an all time high (ATH) against Bitcoin (BTC) in the crypto markets. The new ATH of BNB is valued at 0.0036626 BTC. Further looking at the USD value, BNB peaked at a recent high of $13.75 and currently up 20% in 24 hours. Investors who had bought the dip on December 15th last year when BNB was at $4.50, are now in the range of 200% in profits.

BNB’s recent ATH. Source, Binance.com

Reasons Why BNB is Ahead of the Rest

Back in late November of last year, Ethereum World News briefly touched on the following fundamental factors that would lead to BNB gaining in the markets in 2019. A few more have been added to the list due to recent developments

  • CZ becoming one of the most interactive Crypto Exchange CEOs
  • Discounts on the exchange apply when using BNB to pay for trading fees. 50% during the first year of operation; 25% during the second (current discount); 12.5% during the third; 6.25% during the fourth; and zero discounts after that
  • BNB being used to support and investing in new projects on the Binance Launchpad. BitTorrent and Fetch have been successful with each selling out in under 30 seconds
  • Incentives for users to hold more BNB such as increment in referral bonuses with more BNB held
  • Use case (adoption) of BNB to pay for goods and services
  • The Secure Assets Funds for Users (SAFU) to cushion clients from glitches at the exchange that might cause financial damage
  • Launch of the Binance DEX testnet and a simulated trading competition with $100,000 in prizes that starts on the 7th of this month
  • Creation of the Binance Chain that will allow BNB to migrate from an ERC20 token to the new blockchain
  • The active Blockchain Charity Foundation which aims at making the process of giving more transparent
  • Quarterly token burn to reduce the total supply to 100 Million BNB from the 200 Million distributed after the 2017 Binance ICO

Recent AMA by CZ

Further expanding on the first point in the above list, Changpeng Zhao held his second livestream on Periscope and Twitter earlier today. In the livestream, he answered a lot of questions from fans and investors. Most of the questions centered on the future plans at the exchange to which a summary of CZ’s responses can be found below.

  • Promises of regular AMA (Ask me Anything) sessions with users of the exchange
  • Delisting of tokens is necessary to uphold standards on the exchange
  • The success of the Binance launchpad is due to good projects. The platform allows them to raise money and awareness through Binance. Token sales selling out quickly means there is demand
  • Binance team continually building despite the bear market
  • High community engagement by CZ, the Binance team and Binance angels (volunteers)
  • One day response to 99% of customer trouble tickets on the exchange
  • BNB becoming the number one ERC20 token outside prominent stablecoins
  • 8 confirmed ERC20 tokens will migrate to the Binance Chain once the Mainnet is launched and more are interested in switching. All projects will become automatic Binance partners thus utilizing all marketing capabilities of the exchange
  • Ease at which founders can create tokens on the Binance Chain platform
  • Advancements of the Trust Wallet that will also automatically support all tokens launched on the Binance Chain
  • The decentralized nature of the Binance community that spans across the globe

The full video of the livestream by Changpeng Zhao can be found in the following tweet.

What are your long term predictions on the value of Binance Coin (BNB)? Please let us know in the comment section below. 

[Feature image courtesy of Unsplash.com]

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Here is What is Driving Binance Coin (BNB) in the Crypto Markets appeared first on Ethereum World News.

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10,000 BNB Up for Grabs in the Binance DEX Simulated Trading Competition

To stimulate awareness about the inner workings of the recently launched Binance DEX, the team at the exchange have decided to sponsor a simulated trading competition on the live Testnet. All users who hold at least one BNB on the regular Binance.com are eligible to participate and can register a maximum of 20 Binance Chain addresses. All who qualify will also receive 200 virtual testnet BNB tokens allocated to each address. These tokens will be used before the trading competition begins.

Binance CEO, Changpeng Zhao, also tweeted about the competition and encouraged traders to participate.

To test the hell out of @Binance_DEX, we are giving away roughly $100,000 USD equivalent, in REAL $BNB, as reward for our testnet trading competition. You have nothing to lose! Come and join the fun, and help us launch the mainnet faster!

Competition Period

The simulated trading competition will run from the 7th of March (8am UTC) till the 21st of the same month (8am UTC). All data on the Binance Chain testnet will be reset right before the competition begins. All existing balances will be cleared to pave way for the competition to begin.

Ability to Issue and List Tokens During the Simulated Trading Period

Crypto enthusiasts will be able to issue and list tokens on the Binance Chain testnet during the competition period. Addresses that own tokens will be ranked in terms of the sum of each token price’s volatility over every five minute interval and traded against BNB. The initial price of each token must be set to 1 BNB and there is no limit to the total supply of each. The top three traders will be awarded as follows.

  • 1st – 3,000 BNB
  • 2nd – 2,000 BNB
  • 3rd – 1,000 BNB

Have you tested the new Binance DEX on the Binance Chain testnet? Please share your experience in the comment section below. 

[Feature image courtesy of Binance]

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post 10,000 BNB Up for Grabs in the Binance DEX Simulated Trading Competition appeared first on Ethereum World News.

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Binance Continues to BUIDL as the Platform’s Mobile Trading App Now Has Price Alerts

The CEO of Binance, Changpeng Zhao, has always encouraged crypto enthusiasts and developers to continue building on the blockchain rather than concentrating on the price of Bitcoin (BTC). His words have become more relevant especially with the current bear market that has seen the crypto markets continue to decline with many crypto traders wondering when the infamous BTC bottom will be reached.

Binance Upgrades Its Mobile Trading App to Include Price Alerts

For the avid Binance trader who likes to be up to date with the prices of their favorite cryptocurrencies, the team at the exchange has recently released a new upgrade to its mobile trading app that now has price alerts.

The new feature is located at the bottom left corner of the charting page of each trading pair. It allows users to set alerts for specific trading pairs that the user wishes to receive notifications. Once the set value or price of the coin is reached, the mobile app notifies the user who then decides on whether to buy or sell the digital asset.

Next to the price alert feature, is a currency conversion tab that allows users from across the globe to view the value of their favorite cryptocurrencies in the following regular fiat currencies:

  • Korean Won (KRW)
  • Japanese Yen (JPY)
  • Euro (EUR)
  • British Pund(GBP)
  • United States Dollar (USD)
  • Russian Ruble (RUB)
  • Chinese Yuan (CNY)

A screenshot highlighting the new features on the Binance trading app has been provided below for a better visualization.

Binance Continually Requesting Feedback from Users

The new feature might have been as a result of the voluntary surveys the exchange requests its users to fill out in an effort to further make the platform better. Binance has been long known to always listen its clients/users and their suggestions.

Anticipated Binance Chain and Decentralized Exchange 

The team at Binance has also been busy building the Binance Chain that will allow BNB to migrate onto its own blockchain. This in turn means that the new platform will have an avenue for token creation for crowdfunding efforts (ICOs). The DEX is also under development and will use BNB asa means of paying trading fees.

Plans for both the DEX and Binance Chain were made public by the exchange back in March this year. The team reconfirmed their building efforts in a December 4th tweet that can be found below.

What are your thoughts on the new price alert feature on the mobile trading app by Binance? Is it a useful tool to have? Please let us know in the comment section below.

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Binance Continues to BUIDL as the Platform’s Mobile Trading App Now Has Price Alerts appeared first on Ethereum World News.

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Binance Adds True USD (TUSD) to its Combined Stablecoin Market (USDⓈ)

Less than a week ago, the team at Binance announced that it was launching a Combined Stablecoin Market (USDⓈ) that would add more stablecoins in addition to Tether (USDT). The move was considered by many, as catering for institutional clients who would prefer multiple stablecoins rather than just one.

Binance already has the following stablecoins.

  • Paxos Standard Token (PAX) – listed on the 21st of September
  • TrueUSD (TUSD) – listed on the 16th of May
  • USD Coin (USDC) – listed on the 15th of November

PAX First To be Added To the Stablecoin Market

Soon after the aforementioned announcement (and on the 29th of November, Paxos Standard Token (PAX) was added onto the stabelcoin market to be a base currency paired with BTC, BNB, ETH, XRP, EOS and XLM.

True USD (TUSD) Added Onto the Stablecoin Market

Earlier today, Binance announced that it was also adding True USD (TUSD) to the stablecoin market. TUSD will be paired as follows:

  • BNB/TUSD
  • BTC/TUSD
  • ETH/TUSD
  • XRP/TUSD
  • EOS/TUSD
  • XLM/TUSD

Technical Delay for BTC, ETH and BNB Pairs

The trading pairs for TUSD had been scheduled to go live tomorrow, December 7th at 10am UTC. However, the team have delayed the listings of BTC, ETH and BNB pairs due to technical reasons. They have since updated the crypto trading community as follows.

Due to technical reasons, we will delay the listing of BNB/TUSD, BTC/TUSD, ETH/TUSD trading pairs to a later date. As such, we will keep the TUSD/BNB, TUSD/BTC, TUSD/ETH trading pairs listed until this date.

This means that only TUSD pairs with XRP, EOS and XLM will be listed tomorrow.

The CEO of Binance, Changpeng Zhao, took to twitter to apologize about the delay. He explained there was a bug that needed to be fixed. His tweet can be found below.

USD Coin (USDC) Likely To Be Next

With two out of three of the stablecoins listed on the new market, it is only natural to assume that it is only a matter of time before USDC is added with similar pairs on Binance.

What are your thoughts on Binance adding PAX and TUSD to the stablecoin market? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

Posted on

Binance Adds True USD (TUSD) to its Combined Stablecoin Market (USDⓈ)

Less than a week ago, the team at Binance announced that it was launching a Combined Stablecoin Market (USDⓈ) that would add more stablecoins in addition to Tether (USDT). The move was considered by many, as catering for institutional clients who would prefer multiple stablecoins rather than just one.

Binance already has the following stablecoins.

  • Paxos Standard Token (PAX) – listed on the 21st of September
  • TrueUSD (TUSD) – listed on the 16th of May
  • USD Coin (USDC) – listed on the 15th of November

PAX First To be Added To the Stablecoin Market

Soon after the aforementioned announcement (and on the 29th of November, Paxos Standard Token (PAX) was added onto the stabelcoin market to be a base currency paired with BTC, BNB, ETH, XRP, EOS and XLM.

True USD (TUSD) Added Onto the Stablecoin Market

Earlier today, Binance announced that it was also adding True USD (TUSD) to the stablecoin market. TUSD will be paired as follows:

  • BNB/TUSD
  • BTC/TUSD
  • ETH/TUSD
  • XRP/TUSD
  • EOS/TUSD
  • XLM/TUSD

Technical Delay for BTC, ETH and BNB Pairs

The trading pairs for TUSD had been scheduled to go live tomorrow, December 7th at 10am UTC. However, the team have delayed the listings of BTC, ETH and BNB pairs due to technical reasons. They have since updated the crypto trading community as follows.

Due to technical reasons, we will delay the listing of BNB/TUSD, BTC/TUSD, ETH/TUSD trading pairs to a later date. As such, we will keep the TUSD/BNB, TUSD/BTC, TUSD/ETH trading pairs listed until this date.

This means that only TUSD pairs with XRP, EOS and XLM will be listed tomorrow.

The CEO of Binance, Changpeng Zhao, took to twitter to apologize about the delay. He explained there was a bug that needed to be fixed. His tweet can be found below.

USD Coin (USDC) Likely To Be Next

With two out of three of the stablecoins listed on the new market, it is only natural to assume that it is only a matter of time before USDC is added with similar pairs on Binance.

What are your thoughts on Binance adding PAX and TUSD to the stablecoin market? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Binance Adds True USD (TUSD) to its Combined Stablecoin Market (USDⓈ) appeared first on Ethereum World News.

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Binance Adds Sub-Accounts Feature with Zero Downtime Experienced

Earlier November this year, we saw the cryptocurrency exchange of Binance open its doors to institutional investors. Part of the plan was to introduce a feature that allows individual institutional accounts to have up to 200 sub accounts. Less than a month later, the exchange has announced today that it has launched the anticipated feature which aims at bringing improved managerial control and asset audit tools to institutional account holders.

Each Sub Account Will Have Its Own APIs

The announcement by the exchange was made only minutes ago and described the new feature as follows.

This upgrade will serve entities looking to set up multiple trading accounts within one organization and control access on an account level.

The original/main account has sole control over the movement of assets within the accounts as well as the ability to set permissions and grant different access levels for up to 200 sub accounts.

API users will be pleased to know that each sub account will have its own set of API limits, enabling them to trade with more freedom and at a higher capacity.

Account Security

The new feature also offers adequate security for each sub account. Individual account login information has been properly subdivided.

Master Account and Sub Account Access

The master account will be able to do the following:

  • View all data and balances for all accounts
  • Transfer funds between accounts
  • Parental managerial control
  • Create, edit and delete all API keys
  • Place and cancel all orders

The sub-account will only have two abilities: to delete APIs linked to the sub account and to place/cancel orders linked to its account.

No Downtime Experienced 

One thing to note, is that the new feature was added onto the exchange without any scheduled downtime as is the case whenever any cryptocurrency exchange wants to upgrade its platform. The CEO of Binance – Changpeng Zhao – tweeted about this achievement as follows.

What are your thoughts on the new sub account feature geared towards attracting institutional investors? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Binance Adds Sub-Accounts Feature with Zero Downtime Experienced appeared first on Ethereum World News.

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Why Binance Coin (BNB) Should Be On Your Radar Henceforth

Anyone who is familiar with the Warren Buffett ‘buying spree’ of Coca-Cola stocks in the 80’s can understand where we are going with this conversation about Binance Coin (BNB). But if you are not familiar with the story of Buffet and Coca-Cola, let was go back a few decades in time to 1988.

In that year, Buffett spent more than $1 Billion buying Coca-Cola stocks. This amount was equivalent to 6.2% of the company and was directly after the stock market crash of 1987. This means that the time period Buffet was doing the buying, was when Coke stock were cheap. His investment in 1988 has grown a record 16 times as reported by Investopedia.com.

Why Did Buffet Choose Coca-Cola?

The fundamental analysis that led Buffet to buy Coca-Cola stock is no different from why crypto traders might be drawn to BNB. Back then, Buffett saw the management at Coke was solid and their expansion plans were global. The soft drink manufacturer went on to even sponsored the 1996 Olympics. Coke was a brand that was known  and had a successful product to back up the claim.

Possible Parallels Between Coke and Binance 

A few days ago, Ethereum World News summarized a report by eToro about BNB. Part of the report included the question as to whether BNB can be considered a security or a utility token. We concluded that categorizing the token depended on the particular laws of the jurisdiction doing the analysis. Each country has different laws and rules about securities.

The report by Mati Greenspan of eToro, went on to list the following positive facts about BNB.

  • Changpeng Zhao has become one of the most influential figures in the crypto space
  • Specific discounts on the exchange apply when using BNB to pay for trading fees. 50% during the first year of operation; 25% during the second (current discount); 12.5% during the third; 6.25% during the fourth; and zero discounts after that
  • BNB being used to support and investing in new ICOs on the platform’s launchpad
  • Incentives for users to hold more BNB such as increment in referral bonuses
  • Use case of BNB to pay for goods and services
  • The Secure Assets Funds for Users (SAFU) to cushion clients from glitches at the exchange that might cause financial damage
  • The decentralized exchange being developed that uses BNB for trading fees
  • Creation of the Binance Chain that will allow BNB to migrate from an ERC20 token to the new blockchain
  • The active Blockchain Charity Foundation which aims at making the process of giving more transparent

BNB Surges After a Demonstration Video of the Upcoming Decentralized Exchange

On the 3rd of December, BNB was trading at around $5. The same digital asset is now valued at $6.13 having touched $6.62 a few hours ago. This was a 32.4% jump in value from the $5.

The reasons for this spike were two fold:

  • Binance confirmed that it was launching its own Blockchain of Binance Chain in the coming months
  • A demonstration video of its new Decentralized Exchange was uploaded on Youtube. The video can be found below

Summing it Up

We started this discussion by going back in time and analyzing why Warren Buffet bought Coca-Cola stocks after the market crash of 1987. We then took a look at why BNB coin has everything good going for it including a decentralized exchange and its own blockchain. Therefore, if we were to connect the dots, we would see that Binance Coin is worth being on the radar of crypto traders and investors henceforth.

What are your thoughts about BNB and the recent developments at Binance? Will the Decentralized Exchange catapult BNB further? Please let us know in the comment section below. 

[Radar image courtesy of the BBC]

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Why Binance Coin (BNB) Should Be On Your Radar Henceforth appeared first on Ethereum World News.

Posted on

Why Binance Coin (BNB) Should Be On Your Radar Henceforth

Anyone who is familiar with the Warren Buffett ‘buying spree’ of Coca-Cola stocks in the 80’s can understand where we are going with this conversation about Binance Coin (BNB). But if you are not familiar with the story of Buffet and Coca-Cola, let as go back a few decades in time to 1988.

In that year, Buffett spent more than $1 Billion buying Coca-Cola stocks. This amount was equivalent to 6.2% of the company and was directly after the stock market crash of 1987. This means that the time period Buffet was doing the buying, was when Coke stocks were cheap. His investment in 1988 has grown a record 16 times as reported by Investopedia.com.

Why Did Buffet Choose Coca-Cola?

The fundamental analysis that led Buffet to buy Coca-Cola stock is no different from why crypto traders might be drawn to BNB. Back then, Buffett saw the management at Coke was solid and their expansion plans were global. The soft drink manufacturer went on to even sponsored the 1996 Olympics. Coke was a brand that was known  and had a successful product to back up the claim.

Possible Parallels Between Coke and Binance 

A few days ago, Ethereum World News summarized a report by eToro about BNB. Part of the report included the question as to whether BNB can be considered a security or a utility token. We concluded that categorizing the token depended on the particular laws of the jurisdiction doing the analysis. Each country has different laws and rules about securities.

The report by Mati Greenspan of eToro, went on to list the following positive facts about BNB.

  • Changpeng Zhao has become one of the most influential figures in the crypto space
  • Specific discounts on the exchange apply when using BNB to pay for trading fees. 50% during the first year of operation; 25% during the second (current discount); 12.5% during the third; 6.25% during the fourth; and zero discounts after that
  • BNB being used to support and investing in new ICOs on the platform’s launchpad
  • Incentives for users to hold more BNB such as increment in referral bonuses
  • Use case of BNB to pay for goods and services
  • The Secure Assets Funds for Users (SAFU) to cushion clients from glitches at the exchange that might cause financial damage
  • The decentralized exchange being developed that uses BNB for trading fees
  • Creation of the Binance Chain that will allow BNB to migrate from an ERC20 token to the new blockchain
  • The active Blockchain Charity Foundation which aims at making the process of giving more transparent

BNB Surges After a Demonstration Video of the Upcoming Decentralized Exchange

On the 3rd of December, BNB was trading at around $5. The same digital asset is now valued at $6.13 having touched $6.62 a few hours ago. This was a 32.4% jump in value from the $5.

The reasons for this spike were two fold:

  • Binance confirmed that it was launching its own Blockchain of Binance Chain in the coming months
  • A demonstration video of its new Decentralized Exchange was uploaded on Youtube. The video can be found below

Summing it Up

We started this discussion by going back in time and analyzing why Warren Buffet bought Coca-Cola stocks after the market crash of 1987. We then took a look at why BNB coin has everything good going for it including a decentralized exchange and its own blockchain. Therefore, if we were to connect the dots, we would see that Binance Coin is worth being on the radar of crypto traders and investors henceforth.

What are your thoughts about BNB and the recent developments at Binance? Will the Decentralized Exchange catapult BNB further? Please let us know in the comment section below. 

[Radar image courtesy of the BBC]

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Why Binance Coin (BNB) Should Be On Your Radar Henceforth appeared first on Ethereum World News.