Connect with us

Blogs

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

Published

on

Binance Coin

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.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pexels

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

on

Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

Continue Reading

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

Published

on

2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

Continue Reading

Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

Published

on

Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

Continue Reading

Press Release