Binance Coin (BNB) Added To Popular Trading Platform eToro – BNB/USD
Multi-asset online brokerage platform, eToro, announced the listing of Binance Coin (BNB) on October 29th.
If it hasn’t been before, it is now obvious that this exchange is looking to deepen its involvement in crypto trading, and in accordance, BNB is the 13th cryptocurrency listed on the platform. By listing BNB, eToro became the second platform, besides Extrates, to allow trading of Binance Coin against fiat.
eToro is a regulated securities broker, and as such, they are entitled to offer utility and security tokens to their clients. They have already declared their support for the movement of assets onto the blockchain along with the tokenization of securities, and this move confirms that policy.
eToro compares Binance Coin to Bitcoin
In their brief analysis, eToro mentions the belief of “some analysts” that Binance Coin is the safest cryptocurrency available in 2018.
Furthermore, the official announcement compares BNB with Bitcoin (BTC), mentioning BTC’s wide presence as something that traders have to be careful about while emphasizing BNB’s volume concentration on its native exchange as favorable in terms of security.
However, eToro deduces that such centralization of trading could reveal vulnerabilities to potential Binance’s inside issues.
“BNB coins could overtake Bitcoin in total volume”, says eToro while referring to total supplies of both cryptocurrencies. Maybe forgetting that most cryptocurrencies have a larger supply than Bitcoin, they deduce that BNB’s $190.8 million market cap could lead BNB past the first cryptocurrency in the world.
eToro finds it to be positive that Binance Coin is backed by a single exchange with a public address, which, according to them, is a comparative advantage over Bitcoin, which is an open source project started by the still elusive Satoshi Nakamoto.
eToro is supporting strong business uses
Talking about their listing policy, Guy Hirsch, a managing director at eToro said:
“eToro adds coins that we believe have a great product behind them with a clear product roadmap and clear business usage. The Binance team has been steadily building innovative infrastructure for the new world and as such, we believe there is great demand for it in the market.”
And, indeed, Binance Coin has a strong business case.
Besides its use as a pivotal point of the native exchanging platform and in Binance’s startup incubator, BNB can be utilized to make flight reservations in the Brisbane Airport through the TravelbyBit platform, and pay for virtual gifts on the Uplive live streaming app, which puts it in line with the biggest cryptocurrencies in the market.
Binance Token to reach more investors
Despite the fact that Binance Coin has been almost exclusively traded on the Binance exchange, it is the 14th cryptocurrency by the market capitalization, currently recording a daily volume of around $27 million.
However, the CEO of Binance, Changpeng Zhao and his company are always looking for new ways to improve their position in the market. He explained:
“With this addition, the Binance coin can reach millions of more people, many of whom are more accustomed to the traditional financial industry, […] As a utility token, we believe in creating long-term utility and value. We will continue to do so together with eToro,”
As a multi-asset brokerage with more than nine million users across the globe, eToro will definitely help Binance Coin to reach more investors with a wider variety of interests. And by pairing BNB with fiat, the brokerage enabled newcomers to invest in Binance Coin as a starting investment.
Still, eToro treads carefully at the beginning, as they want their clients to note that, during the upcoming days, there will be a daily investment limit for BNB and that the asset might be periodically unavailable for new investments, while the closing of open trades will be available at any time.
Cryptocurrencies offering on eToro
As mentioned, eToro now has a total of thirteen cryptocurrencies available for trade on its platform, they include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Ripple (XRP)
- Dash (DASH)
- Litecoin (LTC)
- Ethereum Classic (ETC)
- Cardano (ADA)
- IOTA (MIOTA)
- Stellar Lumens (XLM)
- EOS (EOS)
- NEO (NEO)
- Zcash (ZEC)
- Binance Coin (BNB)