Altcoins
eToro Adds Its 13th Currency — Binance Coin (BNB)
A new statement published by a popular cryptocurrency trading platform, eToro, announced the listing of the platform’s 13th digital coin — Binance Coin (BNB). This has made eToro the second platform to allow users to trade BNB against USD.
▪Binance Coin holds a market cap of $1.1 billion and is currently ranked as the 16th-largest cryptocurrency. $BNB pic.twitter.com/4tcUnUptk8
— eToro (@eToro) October 29, 2018
eToro’s initial goal was to become a regulated securities broker. Because of that, it has the ability to offer security tokens to its users. However, it has become clear that it is also looking to become more deeply involved in trading cryptocurrencies. As stated, BNB is the 14th coin that the platform is now offering. Other cryptos that are listed on eToro include Bitcoin, Bitcoin Cash, Ethereum, Dash, Ripple, Stellar, Litecoin. Ethereum Classic, NEO, EOS, IOTA, Zcash, and Cardano.
Binance Coin is the safest crypto this year
eToro has, of course, conducted an analysis of each and every token prior to their listing on the platform. The same is true for BNB. However, what makes BNB unique is eToro’s belief that this is currently the safest cryptocurrency on the market. In addition, eToro also compared it to Bitcoin, stating that BTC has a rather wide presence, that investors need to be careful about.
In comparison, BNB’s volume is concentrated on its native exchange, but this makes it better in terms of security. Even so, eToro admits that this also makes Binance Coin vulnerable to potential internal issues. As a part of their statement, they also noticed that BNB’s coin supply is greater than that of Bitcoin. To them, this is an indication that BNB might surpass Bitcoin in terms of market cap as well. However, there are a lot of other cryptocurrencies that exceed BTC’s supply by far, and none of them managed to surpass its market cap, so this line of reasoning remains questionable.
In the end, eToro decided that the fact that BNB is limited to Binance is a positive thing. eToro’s managing director, Guy Hirsch, stated that the platform adds support for coins that, in their opinion, have a top product behind them, as well as a clear roadmap for that product. Due to the fact that Binance has been creating an innovative infrastructure for some time, eToro believes that their products are soon to be in great demand.
By adding BNB to their platform, the coin will also gain more exposure, and a large number of investors and traders will get the opportunity to start trading it. Considering that eToro has over nine million users around the world, this is more than likely to happen.
Still, it should be noted that eToro is a rather careful platform, which is why they will introduce a daily investment limit for Binance Coin, at least for a while. Additionally, they stressed that the asset may become unavailable from time to time, but this will not be the case when it comes to the closing of open trades.
As for Binance itself, its CEO and founder, Changpeng Zhao, stated that the exchange’s entire team is honored and excited about the new listing. Furthermore, the exchange believes in creating utility and value for their asset on a long-term basis, which is why they will continue to do so in collaboration with eToro.
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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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