Crypto Trading Platform eToro Becomes First Platform To List Binance’s BNB Tokenbr>
Global investment platform eToro has added trading support for Binance Coin (BNB), the native token of crypto exchange Binance. BNB’s addition brings the total number of cryptocurrencies available on eToro to 13.
Following a token sale in 2017, Binance issued BNB which runs on the ethereum blockchain with ERC 20 standard, and has a strict limit of maximum 200 million tokens. It is ‘the gas that powers the Binance ecosystem. It can be used to pay trading fees at a discount and with partner applications. BNB holders can also use the token to invest in certain initial coin offerings (ICO) listed on Binance’s Launchpad program. Binance is also planning to develop a decentralized exchange, called Binance Chain, which will use BNB to power it.
Etoro is the first investment platform to list BNB outside the Binance ecosystem. In addition to clients’ ability to buy or sell BNB using fiat, the token will also be added to eToro’s Crypto CopyFund, which promotes the simple diversification of crypto holdings through the use of contracts for difference (CFD).
Yoni Assia, Co-founder and CEO at eToro, said that despite sensational headlines about the death of crypto, they continue to believe in the potential for cryptoassets, as do their clients who are increasingly looking to diversify their crypto holdings.
“In response we will continue to add the leading crypto assets to our range and we are pleased to add BNB to the platform,” Assia said. “As a regulated securities broker we have the ability to offer both utility and security tokens on our platform. We support the movement of assets onto the blockchain and the tokenization of securities. In fact, we believe that in the future we will see the greatest transfer of wealth ever, onto the blockchain.”
According to eToro, BNB is considered more stable than the majority of other cryptocurrencies, as it is backed by a single exchange with a public address. Long-term traders can benefit from the absence of overnight fees and maintain a hold position on BNB, predicting a rise in its popularity and value.
“We are honoured and excited to be listed on eToro,” said Changpeng Zhao, Founder and CEO of Binance. “With this addition, the Binance coin can reach millions more people, many of whom are more accustomed to the traditional financial industry. As an utility token, we believe in creating long term utility and value. We will continue to do so together with eToro.”