As most significant cryptocurrencies decline, he Binance Coin (BNB) has recently strengthened smashing through the $8 USD mark. As a result, BNB now ranks 10th among the largest world cryptocurrencies by market capitalization.
BNB Climbing to the Top Ten Crypto Assets
Over the past seven days, BNB 00 has had a spectacular surge of over 32 percent. Binance’s very own utility token has reached a market capitalization of over $1,152 USD billion, surpassing cryptocurrencies such as Bitcoin SV, Cardano, Monero, and Iota.
— CZ Binance (@cz_binance) February 6, 2019
BNB now has a supply over 141 million tokens, according to the latest data from Coinmarketcap. The token, however, isn’t proprietary and runs on Ethereum’s ERC20 token standard.
A “strict limit” total of 200 million BNB coins will ever exist, according to the whitepaper. This amount will be gradually reduced as Binance plans to use 20 percent of its profits to buy back BNB coins and burn them. This process will continue until 50 percent of the all BNB coins are burned.
Accelerating the BNB Coin Rate of Adoption
On the other hand, Binance has been investing heavily to increase the adoption of BNB . While its primary use-case is paying for discounted trading fees (25 percent) on the Binance platform, BNB can also be increasingly used for payments with select merchants as well.
These include payments for trading fees, travel expenses, credit cards, and virtual gifts. For example, to increase mainstream accessibility of crypto assets, Binance announced last week that it was enabling debit and credit card payments by partnering with payment processing company Simplex.
Moreover, to facilitate crypto payments in major world airports, Binance announced in October 2018 an investment of $2.5 million in TravelBit, an Australian blockchain payment platform and travel company, which offers travel services for travelers using cryptocurrencies, such as Bitcoin, Ethereum, and Litecon.
In the announcement, Changpeng Zhao, CEO of Binance, said,
Real, on-the-ground, just-when-you-need-it use case is key for further crypto adoption. In this light, there is no better fit than being able to use your crypto when traveling, just after you land in a foreign country, where you may not have the local currency.
Will BNB remain in the top-ten for long? Let us know in the comments below!
Images courtesy of Shutterstock