Believe it or not, the Binance cryptocurrency exchange also has a signature coin — known as the Binance Coin (BNB for short). The Binance exchange is known to be one of the most successful crypto exchanges in the industry. But can the same praises be showered on BNB? Here’s everything you need to know about Binance Coin BNB — and whether it’s a good investment or just for hype.
The Binance Coin and Its Potential
Well, with a market capitalization hovering around $3 billion and a daily trading volume of about $203 million, BNB is not a small project. On Coinmarketcap, BNB makes the list of the top 10 most valuable cryptocurrencies. BNB can be easily traded on platforms including the Binance exchange and eToro. The price of BNB has been skyrocketing in recent weeks. But does it have a long-term future that makes it worth investing in?
From one angle, the investment potential of BNB looks promising if you consider the team behind its release. The Binance exchange contains more than 100 listed cryptos that are being traded on the platform. Launched in 2017, this exchange has grown massively in recent years to reach some staggering heights in the cryptocurrency exchange market. Binance.com has Android, iOS, and Windows trading apps for their customers. These options make Binance a convenient exchange for anyone to use.
If you want to estimate the probability of success for BNB, you can’t ignore the numerous successes of the Binance exchange. Brand new altcoins are being added to the Binance exchange on a regular basis. They also create a conducive atmosphere for their users.
The most frequently traded coins on the Binance exchange are Bitcoin, Ethereum, USDT, and BNB itself. The exchange has been winning the trust of consumers since its inception. This is due to its great products, strong team, and focus on security. Binance’s CEO Changpeng Zhao (also known as CZ) has been actively engaging with his huge social media followers, giving them updates on the Binance affairs.
The Binance team doesn’t only focus on building the exchange to become the number-1 crypto exchange in the world; they are also working around the clock on launching new projects that are meant to strengthen the muscles of the Binance coin — and the crypto industry as a whole.
For example, Binance Labs is the brainchild of the Binance exchange team. This project is aimed at empowering crypto investments and driving blockchain technologies to the next level. Apart from that, other Binance incubators include Binance Info, Binance Research, Binance Academy. All of these projects are designed to strengthen BNB and the cryptocurrency community as a whole.
A Binance Trust Wallet is the icing on the cake. These wallets, along with the minimal trading fees, make BNB a coin that’s worthy of the attention of investors. In early 2020, Binance also launched a Binance debit card to serve the banking needs of its clients. At the moment, they are still beta-testing the card. When it’s ready, you will be able to use it to top up your accounts just like a standard debit card.
In summary, judging from the efforts that are being put in place to help sustain BNB, Binance Coin could well be a good investment.