Still very young, but promptly growing in the market, Binance Coin seems to be doing more than well with the latest adoption to a FinTech group as well as trading in the green despite market trends. Binance has most recently announced a new trading pair with BNB, which probably caused the coin to bounce off and bloom in a troublesome market.
Binance Coin to Back Crypto Loans with Nexo
Earlier this week both Nexo and Binance have announced that Binance Coin and Nexo will be cooperating in order to deliver the best crypto loan services as provided by Nexo and powered by Binance Coin.
Nexo represents a FinTech group backed by Credissimo, and they have most recently announced on their official Twitter page with a post that came out between June 14th and June 15th, that Nexo will be adding Binance Coin as collateral for crypto loans, meaning that BNB will now be backing crypto loans together with Nexo.
Nexo has also stated in their post that Binance executives will be getting a 50% discount on their first loans with a choice between using Binance coin or Nexo as collateral for their loans.
With their official announcement, Nexo has also thanked Binance exchange for creating a “benchmark for what Nexo is doing for lending.”
One of the main reasons for having BNB integrated into the crypto loan plan services of Nexo platform is the fact that Nexo considered BNB to represent a safe collateral as it managed to showcase its stability in the market over its short but memorable lifetime by far.
The team behind Nexo also stated that Binance and Nexo have mutual customers with similar needs so that the collaboration comes as a natural product of similar interests and objectives.
With BNB having been added to the crypto loan services that Nexo is offering Binance Coin might consequently get more on its popularity while introducing BNB as a stable choice for collateral for various crypto loan plans that Nexo is offering.
With more exposure, Binance coin was able to bounce off above the current market trends while collecting gains along the way.
However, Nexo/Binance Coin collaboration isn’t the only susceptive factor that pushed Binance above its peers in the market for the last 24 hours.
It has been said that there are more than several currencies that have already sent their applications for having their coins accepted as collaterals with Nexo crypto loan plans, while Nexo confirmed that they will be adding more cryptos to their list of services in the near future.
What makes crypto-based loans on Nexo so attractive to customers is the fact that these loans actually provide financial freedom while revealing all the details of the loan plan and keeping everything transparent. That means that the loan payment is instant and there are no hidden collaterals or fees you are not aware of, which might consequently push the value of BNB further up from this point.
Binance Adds New Trading Pairs with Binance Coin
If you take a closer look at the daily charts of all currencies in the market for the past 24 hours, you will notice that Ethereum Classic and Binance Coin stood as rare top coins that have managed to acquire a flattering set of gains despite the current market trend.
For the past couple of days already, we can see the majority of currencies going down with the market trend while trading in the red, but somehow Binance Coin and Ethereum Classic managed to get above their peers from the top list and get onto collecting rises.
It is generally considered that the main reason for this unexpected rise was actually greatly expected on the behalf of Binance as it is thought that Binance exchange strategically added a new trading pair.
It isn’t hard to guess with the latest rare rises in the market that the added trading pair was actually Binance Coin/Ethereum Classic, which consequently increased the trading volumes of both BNB and ETC while acquiring a fruitful soil for collecting new gains in the market despite the sluggish atmosphere.
However, Binance has added more trading pairs in the last couple of days, so all of the added pairs, ICX, SC and IOTX, have experienced rises.
While Binance Coin is still going up by nearly 6% today while trading in the green at the price of 16.57$, “threatening” to go above 17$, ETH started to drop with the latest change in the market while ICX, SC, and IOTX are acquiring minor but important rises against the dollar.
This case only additionally confirms why BNB made up for Nexo’s first choice for crypto-based loans rather than their own NEXO, while also showing the dominance of BNB’s parent platform, Binance exchange.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Reasons Why You Are Much Safer When Crypto Trading on Dexes
While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges…
Crypto Billionaire Predicts Massive Price Growth by 2021
Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.
Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.
However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…
TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level
Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
Problems with Centralized Casinos
The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
A few of the problems facing centralized casinos include the following:
- Little to no transparency
- Consumer lack of confidence
- Privacy concerns
- 48-72 hour wait time for withdrawals
These are four monumental issues that need to be addressed quickly given the global growth of the market. Casinos need to…
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