Binance Coin (BNB) Gains Momentum Amid Growing Use Cases
Use cases are the name of the game for any token, and this is especially true when it comes to exchange tokens. Binance Coin (BNB), the token associated with the world’s leading crypto exchange, is now up over 20% in the last month as expanded use cases have fueled demand.
The most important use case in the short-term has been the launch of the Binance Launchpad, the exchange’s new token sale platform the enables projects to issue tokens to accredited investors.
In fact, there was so much interest in the BitTorrent Token (BTT) sale, which allowed purchases using both Binance Coin and TRON (TRX), that it concluded in under 15 minutes and caused Binance’s system to bug out for many investors.
“In the BNB session, all 23.76 billion BTT were sold to token sale participants within 13 minutes and 25 seconds,” Binance stated. “Meanwhile, in the TRON session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds.”
Binance also recently announced the second project that will raise funds via the Launchpad. The Fetch.AI (FET) token sale will begin on February 25, and will only accept BNB for its single session raise.
Moving forward, the launch of Binance’s decentralized exchange, which is currently slated for sometime in early 2019, should increase BNB’s use further. The DEX is designed to allow greater freedom, where users can send and receive Binance Coin, issue new tokens built on Binance Chain and invest using community-created trading pairs.
Of course, the underlying utility for BNB still lies with its reduced trading fees, as all BNB trading pairs offer a 25% discount.
Photo: Marco Verch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.