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