As the Market Turns Sour, Binance Coin (BNB) Tilts Towards Investment
Ever since its foundation, Binance Labs has focused more on Research and development rather than on investments.
However, things are beginning to change for Binance Labs as they recently announced a joint investment with NEO Global Capital worth $12 million USD, on a blockchain based project, Republic.
Republic is a crowd equity platform that will help ICO issuers manage their token sales that were spun out of AngelList, by so doing, democratize access to fundings for startups. Binance Labs has now so far invested in four projects; Mobilecoin, Oasis Labs, Certik, and most recently Republic.
Market Performance of Binance Coin (BNB)
Binance Coin enjoyed a fantastic run last week, opening the week at $14.3 USD, and growing up to $17.44. During that time, BNB recorded a new milestone, BNB hit an all-time trade high against Bitcoin (BTC). However, the upward run has been cut short, and the bears take its toll on BNB.
The crypto market opened today June 11, 2018, with over 87% of the digital assets trading in the red. Over the 72 hours, the decline of Binance Coin has been steep, losing over 21% of its value in the specified time.
As at the time of this writing, BNB is down by 6.64% over the last 24 hours and is now trading at $14.41. The daily trade – exchange volume of Binance coin is also down.
Over the last 24 hours, BNB has a trade – exchange volume of $77.382 million USD, down by almost 50% when compared to the figures registered by Binance Coin (BNB) three days ago. Binance Coin still maintains its position as the 17th largest cryptocurrency with an estimated market cap of $1.55 billion USD.
The decline of Binance is not surprising as the falter cuts across all digital assets. The crypto market is at its lowest ebb, Bitcoin is trading below $6,000, Ethereum is trading a little above the $500 mark, and Litecoin has broken the $110 low trend line, the same declining trend is recorded across other digital assets.
Binance to Support ONT Migration and New Trading Pair
Ontology (ONT) will be porting from its current blockchain, based on NEO’s NEP-5 protocol to its own blockchain, and Binance has announced that will support, the MainNet Token Swap for Ontology (ONT) which is scheduled for June 30, 2018. With the announcement, Binance also announced a new trading pair for Tether (USDT).
Over the last one week, Binance has also listed a couple of new digital assets on the famous exchange platform, including Streamer (DATA), Skycoin (SKY), Nexus (NXS), SingularityNET (AGI), Quarkcoin (QKC), and the addition of some new listings that saw the daily trade – exchange volume of BNB spike by over 300%.
Binance Seals New Partnership
Binance Labs reached another Milestone on June 5, when it announced a partnership with ChiliZ, a counterpart of the Malta-based sports and entertainment company, Mediarex. Both companies will work together to turn the next major industry (the gaming industry) to blockchain technology.
The partnership announcement was shortly followed by an interesting reveal made by CEO of Binance, Changpeng Zhao. Zhao did not hesitate to reveal that the company has already set up a bank account in Malta, which could mean that Binance Labs is already working with Mediarex, or could begin soon.