The global multi-asset investment platform eToro has chosen BNB as the next crypto asset to be traded on its platform. Binance Coin is the native token of the world’s largest cryptocurrency exchange, Binance. Currently functioning as an ERC-20 token, the Binance coin is set to be the fuel for running the decentralized Binance exchange.
Binance Coin ICO
The ICO for Binance coin was held in 2017 and it has garnered much support from the crypto community. Being the exchange token for the world’s biggest exchange, Binance Coin comes with its own set of pros. The BNB token can be used to pay the trading fee on the Binance platform. This way, every trade costs 50% less. Though this discount is set to reduce with time, it has been a great tactic to gravitate users on buying and keeping some BNB tokens in stock for trades.
According to its whitepaper, the exchange will keep repurchasing BNB tokens and they will be burned each quarter until the total supply reduces to half. This means 100 million BNB tokens will be burnt as the total supply is 200 million.
BNB Addition to eToro
The Co-founder of eToro, Yoni Assia, stated: “Despite sensational headlines about the death of crypto, we continue to believe in the potential for crypto assets, as do our clients who are increasingly looking to diversify their crypto holdings. In response, we will continue to add the leading crypto assets to our range and we are pleased to add BNB to the platform […] As a regulated securities broker we have the ability to offer both utility and security tokens on our platform. We support the movement of assets onto the blockchain and the tokenization of securities. In fact, we believe that in the future we will see the greatest transfer of wealth ever, onto the blockchain.”
After adding BNB to its current list of crypto assets, there are now 13 digital currencies being traded on the eToro platform. BNB has now become a part of the eToro crypto family which includes Bitcoin, Ethereum, Bitcoin Cash, XRP, Litecoin, Ethereum Classic, Dash, Stellar, NEO, EOS, Cardano and IOTA. The token will also be added to eToro’s CryptoPortfolio. This will allow investors to diversify across all available cryptocurrencies (weighted by market cap) with just one click.
The CEO of Binance, Changpeng Zhao (also known as CZ) seemed delighted with the announcement. He stated: “We are honored and excited to be listed on eToro. With this addition, the Binance coin can reach millions of more people, many of whom are more accustomed to the traditional financial industry. As a utility token, we believe in creating long-term utility and value. We will continue to do so together with eToro.”
eToro’s has now become the first platform where investors can buy or sell BNB using fiat. The BNB/USD pair is now live and can be traded across all accounts. The platform has also become the first investment platform to list BNB outside the Binance. A few days back it was announced that eToro slashed its transaction fees as part of its ongoing effort to increase the adoption of cryptocurrency and make it accessible to investors. What is special about eToro is that, unlike other brokers (most of them), eToro does not simply adhere to offering crypto CFDs. The platform allows clients to actually purchase the assets. Here, eToro acts as a custodian and holds the digital coins on behalf of clients.