Binance Coin(BNB) Is Approaching All-Time High As Market Cheers Binance’s Positive News
Binance Coin(BNB), the native cryptocurrency issued by the crypto exchange giant Binance, rallied over 10 percent, hitting a new three-month high on April 18 in the wake of a slew of positive news.
The latest event is the crypto exchange on Thursday launched the mainnet of its new custom blockchain, Binance Chain, which features a permissionless decentralized exchange (DEX) and supports 3 billion worth of BNB that currently runs on Ethereum.
Binance said in a blog post that it will initiate the swap of existing ERC-20 based BNB to Binance Chain-based BNB, called BEP2 BNB, and Binance Chain Explorer and Web Wallet will be open to the public on April 23, though the timeline is subject to change.
Binance CEO Changpeng Zhao— better known as CZ in the crypto world— has successfully completed the first transaction on Binance Chain after a new genesis block was created on the proprietary blockchain.
In the wake of the announcement, BNB surged more than 10% to a three-month high of $22.08, outperforming other Top 10 cryptocurrencies by market cap, according to Coinmarketcap. It is trading at $21.93 at the press time. Another crypto data tracker AICOIN shows BNB sees $ 4.51 million in net inflow over a 24-hour period.
Binance is surrounded by other positive news. The world’s leading crypto exchange is also making steady progress toward its fiat-to-crypto services as it is set to launch a fiat-to-crypto platform next week in Singapore. Binance’s CFO Zhou Wei told Coindesk in a recent interview that the exchange plans to launch the Singapore simple buy/sell on-ramp next week , which allows users in the country to buy and sell bitcoin with Singapore dollars. Binance has offered fiat-based trading services in Australia, Jersey, and Uganda to date.
BNB has posted massive year-to-date gains that were unrivaled by any other major cryptocurrencies and is now approaching its all-time-highs of $24.46. The jaw-dropping surge in BNB value is largely driven by initial exchange offerings(IEOs) frenzy on Binance’s token sale platform, Binance Launchpad, which uses BNB to power new crypto projects’ token sales.
As the Matic token sale, the fourth IEO on Launchpad which will begin on April 24, is approaching, BNB may maintain the upwards momentum before the token sale.