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Binance Coin [BNB] On Rise Ahead of Binance’s New Blockchain Launch

Binance Coin [BNB] On Rise Ahead of Binance’s New Blockchain Launch

Altcoins

Binance Coin [BNB] On Rise Ahead of Binance’s New Blockchain Launch

Binance Chain, a native blockchain of Binance cryptocurrency exchange is expected to launch today which has quickly influenced the value of Binance’s native token Binance Coin (BNB).

BNB trades at Over $20

The seventh largest cryptocurrency, Binance Coin (BNB) is trading at over $20.76 against US Dollar. The coin has surged almost 6 percent within a few hours after the news of Binance Chain spread across the web. At press time, BNB’s average trading volume counts as $2,930,710,171.

BNB trades at over $20                              Source – Coinmarketcap

BNB’s increasing value is certainly the result of Binance’s new blockchain launch. Although Binance Exchange has yet to share the detail about the launch and aspects revolve around Binance Chain, its Twitter timeline and CZ’s Twitter profile speaks a glimpse about it. Accordingly, Binance official and CZ’s Twitter timeline hints the launch of Binance chain anytime soon. It says that;

Today marks the birth of a new genesis block. Who’s ready?

So-called Binance Chain (expected to be launched by today) will house Binance DEX (Decentralized Exchange) as well as the Binance Coin (BNB). Following Binance’s native blockchain launch, the BNB token will be migrated from Ethereum network to Binance Chain network as similar as TRX from ETH network to TRON blockchain.

Nevertheless, exchanges that have majorly contributed to BNB’s soaring trading volume are Bit-Z, Binance, LBank, P2PB2B, Coinsbit, EXX, BitMAx wherein the largest contribution comes in pair of BTC, USD, and USDT.

Binance Coin Market April 17                                    Source – Coinmarketcap

The upcoming Genesis block for the Binance Chain is undeniably the long-promised native blockchain network by Binance which has undertaken its testnet launch in February 2019. Besides Binance Chain, BNB’s boost can also be quickly seen after the completion of first Quarter following Binance’s seventh quarterly coin burn.

According to the report, the exchange completes coin burn of 829888 BNB tokens which was roughly $15.6 MM USD equivalent, as per Binance CEO. Nevertheless, with the coin burn, reports revealed that Binance has registered over 66% profit in Q1 2019 which is reportedly counted as $78 million.

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