Binance Coin has been known as one of the most stable currencies on the market, mostly due to it having an actual use case on one of the most popular crypto related platforms out there. The currency peaked at $14.46/195333 satoshi on August 4th and has since fallen off. We saw it drop pretty strongly on August 11th, bottoming out on 14th with the price of $8.85/147174 satoshi. The BTC value hovered between 150/160 thousand satoshi ever since, with the USD value “suffering” some stronger movements.
Currently one BNB can be purchased for $10.52 USD (6.47% rise in the last 24 hours)/153072 satoshi (1.47% rise in the last 24 hours). Daily trade volume of 3,170 BTC is mostly tied to Binance. The market cap of $1,108,950,308 places Binance Coin as the 16th most valuable cryptocurrency on the market.
“BNB repeated support on .5 fib. Ichimoku Cloud – 4hr TK cross below cloud, currently trading in cloud, so may see it dip a bit before bouncing off support.“
Binance has confirmed many times before (in both positive and negative ways) that it’s one of the most influential cryptocurrency exchanges on the market. They clearly have no intention of letting this title slip out of their hands as they’ve recently announced their plans of setting up fiat-to-crypto trading platforms all over the world.
The announcement was made by Changpeng Zhao, Binance CEO, during CoinDesk’s Consensus Singapore event with a fireside chat. Speaking to CoinDesk’s Pete Rizzo, Zhao confirmed that by this time next year, his company is planning to launch five to 10 fiat-to-crypto exchanges, with ideally two per continent. The announcement coincides with Binance’s current activities regarding the launch of a fiat-to-crypto supporting exchange in Singapore.
“Fiat is still where all the money is in. … And we’ve got to open that gate,” said Changpeng Zhao. Their Singapore fiat-to-crypto platform has gone through its testing phase and is expected to be launched in the following months. Mr. Zhao also confirmed that this platform is a part of Binance’s continual effort to develop cooperation with smaller countries, which usually have conveniently lax crypto regulations (Malta being the prime example of that).
Zhao further adds: “You can access to the top-level government officials and they respond to your questions more directly and efficiently. And they do appreciate the investment you are bringing into the local economy.”
With the mentioned Singapore exchange, Binance previously opened its first ever fiat-to-crypto exchange offering trading pairs with the Ugandan Shilling. This Ugandan exchange is a part of Binance’s Africa expansion initiative, which is also expected to pick up in the near future. Binance Labs Director Benjamin Rameau previously stated that Africa is the “front and center” of the company’s expansion strategy as they feel that providing access to financing opportunities to the world’s youngest population is definitely a 21st century-worthy mission.
During his Singapore address, Zhao touched upon Binance’s profits as well. He once again confirmed the Q1 profits of $200 million but pointed out that the profits in Q2 declined due to a general market drop, with “only” $150 million entering the company’s coffers. Naturally, the host asked him if he was concerned about whether future market volatility would significantly affect Binance’s profits. Zhao confirmed that he is no stranger to volatility by confirming he sold his house in 2014 to buy Bitcoin, after which the BTC price dropped from $600 to $200. Saying he held to his coins through the drop, Zhao closed his address off by saying: “After that, I’m just not that worried.”
In other news, Binance.vision, also known as the Binance Academy, recently came out with the official wallet for Binance. The so-called Trust Wallet is a decentralized mobile wallet that lets you store all your assets in a simple, secure and Binance-backed way. Binance is known for its coin burns, where it uses 20% of its profits to buy back and burn/destroy BNB. This practice will last until 50% of the total supply has been depleted and a total of 100,000,000 BNB is left. The next Binance coin burn is scheduled for October 15th. Binance Community Coin Round was also completed a couple of weeks ago, with GoChain (GO) awarded a free listing placement on Binance.
Overall, Binance Coin and the exchange behind it keep moving strong in the market. With an ever-expanding influence of Binance, there’s little doubt that this currency will keep performing well in the future.