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Binance, the number 1 exchange’s token Binance Coin [BNB] soars with a 15% hike

Vinod KA

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Binance, the number 1 exchange - From rags to riches!
Source: Flickr

The number one exchange Binance was built by a person named Zhao Changpeng and he steered it to being the world’s largest digital-asset exchange in just 8 months. The net volume of Binance in the last 24 hours amounts to $1.762 billion. He has led Binance to a $200 million profit in its second quarter of existence and gained a personal fortune that he claims is worth as much as $2 billion.

The 41-year-old exchange kingpin is now under a threat that seeks to send him and his billion dollar worth exchange back down to earth. Since its inception, it has attracted 6 million users through its 1.4 million transactions-per-second capability.

The Founder Zhao Changpeng, known as CZ claims:

“No decentralized exchange in the world is capable of handling our volume and none are as secure as we are.”

An Initial Coin Offering [ICO] was issued back in July and since then, the Binance Coin [BNB] has soared from about 10 cents to $13 and is now priced at $12.42 with a market capital of $1.443 billion. Zhao Changpeng also owns the biggest stake in the coins. BNB, in the bearish market is currently trading at $12.47 with a hike of 15% this week.

Due to an official notice from Japan’s securities regulator which asked the firm to stop operating in the country without a license, Zhao had to abandon his plan to build a base in the country. Binance along with many other exchanges were warned by Hong Kong’s Securities and Futures Commission in recent months, which told the exchanges to refrain from trading cryptocurrencies that qualify as securities.

With a support for about 120 coins, Binance works with 100 plus wallets and 240 trading pairs.

Zhao says:

“5000 applications have been received by us for coin listings and our team only welcomes projects that have strong credibility, user base, and liquidity.”

He also said:

“I’m convinced 100 percent that crypto is the future, I just know it will happen.”

David Shin, Singapore-based Asia Fintech Society’s president says:



“Binance is like a van selling coffee in front of  an office building while the legitimate coffee shops which are on the street suffer. The point is it lacks regulation and transparency.”

Zhao, in an interview with Bloomberg, said:

“To evaluate the coins in the list, we take a venture capital-like approach which favours those coins that are backed by teams with a track record and real products. The coin issuers should also provide us with a legal opinion that the coins aren’t securities.”

Zhao has also kept the exchange away from the traditional system and all the regulatory requirements that come with it by engaging the exchange only with cryptocurrencies and not fiat currencies.





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Vinod KA is an intern at AMBCrypto who has been analyzing the cryptocurrency market trends for several months now. He joined the company out of sheer interest in the cryptocurrency world and is fascinated by its dominance in the financial world. He does not hold value in any cryptocurrencies as of now.

Altcoins

Tron [TRX] DApps surpass Ethereum, EOS in terms of weekly active and new users

Namrata Shukla

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Tron [TRX] DApps surpass Ethereum and EOS in terms of Weekly active and new users
Source: Pixabay

Tron [TRX], the eleventh largest coin on CoinMarketCap, has been crossing new milestones recently, with its block height and partnerships. Despite the coin performing rather poorly in a relatively bullish market, its adoption and the popularity of its DApps have made Tron lead the DApps market.

Tron’s popular proponent, Misha Lederman, shared with the community Tron’s recent achievement. Compared to Ethereum [ETH] and EOS, Tron registered a higher number of new users and active users. It noted 60k new users, while Ethereum reported 25K and EOS reported 9k. The active users on Tron’s DApps platform were 172k, followed by EOS with 170k and ETH with 54k.

Lederman in his tweet commented,

“#TRON growing fastest in terms of new users among Top 3 platforms:
New Users:
TRON 60K; #ETH 25K; #EOS 9K
Active Users:
TRON 172K; EOS 170K; ETH 54K”

Source: Twitter

Source: Twitter

He added that BitTorrent Speed’s launch in Q2 would provide Tron and BitTorrent users with BTT as an incentive for seeding, which might lead to a growth in the user base of TRX and BTT.



Source: Twitter

Source: Twitter

According to Tron foundation and BitTorrent CEO Justin Sun, TRX will make its way into the top 10 by the end of June, whereas BTT will be a part of top 30 by Q2. However, Tron’s current market cap is $1.87 billion, whereas Cardano [ADA] on the tenth position reported a market cap of $2.12 billion.

At press time, Tron was valued at $0.0279, with a market cap of $1.87 billion. The 24-hour trading volume of the coin was noted to be $664 million, as it fell by 2.80% in a day. TRX managed to register 12.60% growth over the past seven days. However, it fell by 0.53% in an hour.





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