In a young and highly volatile market like cryptocurrencies, the most interesting assets are those seeking better valuations and higher rates of adoption. Recently, Binance Coin (BNB), the native coin of the largest crypto exchange in the world, became the 14th largest digital asset by market capitalization. The exchange marked the occasion by detailing ways in which people can utilize BNB. Binance claimed to be humbled by community support, calling the event a milestone in its journey.
A Coin With Several Use Cases
Binance said in a blog post that several cryptocurrencies exist only as token bets on services and are yet to have any real use cases. The exchange suggested that it strives to create a trading platform that can be used by a majority of investors. It also focuses on the development of a cryptocurrency that becomes usable as soon as it is launched.
Binance then went on to define some use cases for its currency. BNB coins can be used to pay trading fees on Binance exchange, one of its primary use cases. Using the coin has also allowed users to get a 25-percent discount on trading fees. The coin can also be used to buy goods and services on the exchange’s merchant network.
The company has recently invested in TravelbyBit, and users will now be able to pay at all TravelbyBit-affiliated outlets at airports using BNB tokens. The token can also be bought on crypto-centric social media network Investfeed and can be used as a gift token on Uplive streaming service and ADAMANT chat service.
A Glory Year for Binance
The year 2018 has become the glory year for Binance. It became the largest crypto exchange in the world by trading volume, made several partnerships and investments via Binance Labs, and the BNB token was adopted across unique verticals.
The bear market in cryptocurrencies may be a disappointing phase for crypto traders, but long-term investors and crypto adoption enthusiasts see it as an opportunity to let the market mature. Binance is also hinting toward better adoption of its native token, which could help the exchange hold the biggest share of the crypto market — in trading, as well as in digital assets.
However, the road ahead is tough for the coin if it wants to break into the top 10 largest currencies of the world. Tron, Dash, and IOTA are some strong projects, and BNB’s adoption and all are about $300 million ahead of BNB in terms of market capitalization.
Binance Cites Several Use Cases for Binance Coin (BNB) was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.