A brief history
Binance is known to be one of the largest cryptocurrency exchanges in the world. Many new cryptocurrencies wish to become listed on Binance as it can boost their prices dramatically. Its native coin has a market cap of 1.1 billion USD. BNB token holders can access cheaper trades and lesser withdrawal fees, so it works perfectly as a reward program. Binance charges a 0.1% commission on each trade, but customers can receive a 25% discount if Binance coin is included in the transaction. To get the discount, all you need to do is keep BNB tokens in your exchange wallet, and it will be applied automatically. In addition, all ICOs of the new coins listed on Binance will have a discount for using Binance coin to invest. The token was issued in the amount of 200 million. The platform plans to spend 20 % of their profits for each quarter to buyback and burn 50% of the tokens, with 100 million of them being left to serve as the gas which powers Binance ecosystem.
Why is it a coin worth investing in?
First, let us analyze BNB’s behavior on the market for the last year.
It is safe to say that the token keeps increasing its value. The spike in the middle is the time in January 2018 when all cryptocurrencies skyrocketed in their value. Back in July 25th, 2017, when the coin was first introduced it was only worth of 0.12 USD. Now, as for the day of writing (September 26th, 2018), its price rose to 9.82 USD per coin. The tendency is more than magnificent. The reason for this success is mainly due to the fact that the platform itself is becoming more and more popular and with the growth of its popularity among traders, the same growth can be seen with the coin itself.
Secondly, the platform has in its plans to open exchanges in Uganda and Malta – countries, where cryptocurrency trading is not so popular yet. This will provide the platform with a wider reach to attract new customers who in turn will turn their eyes to Binance coin. On 19th of September, Binance founder and CEO Zhao Changpeng announced that by this time next year, he wants the company to launch five to 10 fiat-to-crypto exchanges, with ideally two per continent. With more customers comes more trading and, naturally, more profits for the platform. This income will be used to buy back half of the issued coins in order for them to be burnt. As for now, around 5 million coins were repurchased. All in all, it seems that BNB’s price is going to go even higher in 2019.
To sum up everything mentioned above, BNB deserves the attention of any cryptocurrency investor. It seems like a perfect time now to invest in this coin while its price is still relatively low.