facebookAnyone heard of Binance and invested in crypto's through their platform. Is their new coin worth the hype? - Seedly

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Anonymous

20 Oct 2020

Cryptocurrency

Anyone heard of Binance and invested in crypto's through their platform. Is their new coin worth the hype?

Discussion (3)

What are your thoughts?

Mike Ferrer

Mike Ferrer

20 Aug 2019

Level 5·Head of Community, Southeast Asia at Chainlink Labs

Currently, in the crypto industry, Binance is known as the mother of all liquidity. It has the most altcoins (alternative coins to Bitcoin) and other sorts of random coins, or exotic assets which helped it gain prominence in the space by listing as many of them as possible. The main use case for BNB is to offset trading fees when trading on the Binance exchange.

You can learn more about Binance Coin (BNB) here:

https://www.coindesk.com/information/what-is-bi...

https://www.binance.com/resources/ico/Binance_W...

https://www.binance.vision/blockchain/what-is-b...

https://www.theblockcrypto.com/2019/02/21/so-is...

https://changelly.com/blog/what-is-binance-bnb/

Basically Binance is a platform similar to coinbase or bitrex or bitfinex, except that it successfully establishes itself as a platform cryptocurrencies can do ICOs on. Based on my understanding, Binance has just released a new coin- Called Binance Coin, that is tied to the volume of trading and popularity of their platform. You could somewhat think of it as an ETF index that tracks the coins traded and listed on their platform.

I would however caution against blindly investing in this index especially since it has been oversuscribed and extremely volatile, tripling in value just over the last 3 months. I can't help but recall the past's biggest Crypto boom and its semblance to that.

Yes, Binance is one of the largest and most recognised exchange platform for cryptocurrencies. In fa...

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