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Amid a broader market downturn, which has seen Bitcoin (BTC) fall to a yearly low of $3,150, Binance Coin ( BNB ) has surged beyond compare. In fact, since BTC seemingly bottomed in mid-December, the asset, backed by one of the world’s largest crypto upstarts, has moved from $4.5 to $9.5. This has only been underscored by BNB’s jaw-dropping 33% performance over the past week.
But what’s the news about the exchange, and how has the company excelled in this extended nuclear winter?
Binance News Roundup
Binance OTC Desk: Mere weeks ago, after Coinbase and BitGo launched desk of their own, Binance unveiled an over-the-counter offering. It is clear that the company, registered in Malta, is doing its best to cater to bigwig clients, potentially even Wall Street hotshots, in anticipation of an institutional influx.
Launchpad Redux : At the start of the year, the multi-faceted startup relaunched Launchpad, an initiative centered around helping nascent crypto projects hit the ground running, so to speak. Launchpad has already seen its first success with the Tron-affiliated BitTorrent Token ICO, which saw millions of dollars worth of BTT get sold for BNB and TRX in twenty minutes’ time.
Impending Launch of In-House Chain & DEX: After months, if not over a year in development, the company is finally nearing the launch of its in-house blockchain, the fittingly-named Binance Chain. Chain’s first use case will be a decentralized exchange, which Changpeng “CZ” Zhao, the chief executive and founder of Binance, recently discussed in a livestream. According to Zhao’s very own comments, a testnet of Chain — the DEX’s home field, so to speak — was recently pushed to select partners. He added that Chain will utilize the Delegated Proof of Stake (DPOS) consensus mechanism, while BNB will act as the network’s gas, just as ETH is for Ethereum. Binance’s fervent leader even quipped that due to the barebones nature of Binance Chain — lack of a virtual machine means no smart contracts — the network should be able to generate one-second blocks, each of which pertains to “a couple thousand” transactions.
BNB Coin Burn : Every fiscal quarter, Binance purchases and burns a fraction of its in-house tokens. The company burned $9 million worth of BNB last month, pushing the supply of the popular crypto asset lower.
Simplex Credit & Debit Integration : Binance secured a partnership with Simplex, allowing consumers to purchase cryptocurrencies through credit and debit cards. This marks the first time that the Bitcoin-friendly exchange has integrated fiat capabilities.
It isn’t clear if any of the aforementioned events played a direct role in pushing BNB higher. Regardless, the developments that the world-renowned exchange has enlisted evidently underscores Binance’s long-term staying power, even if BTC continues to trip over its own two feet.
Title Image Courtesy of Tao Yuan on Unsplash
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