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Binance Coin (BNB) to Back Crypto Loans and Rises Despite the Market Trend

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Binance Coin
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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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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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