Something has happened with the crypto space over the past few weeks. Bitcoin surged over $4,000 but has since sunk back to its current price of $3,929. However, when it comes to Binance, the cryptocurrency boom seems to be well and truly alive.
Binance is the biggest exchange for crypto and digital assets by trading volume and their cryptocurrency, Binance Coin is one of the hottest coins in the space right now. Over the past three months, the digital asset has more than tripled in value around the $15 mark which is a big improvement in comparison to the other coins and tokens in the market.
It seems that this surge has come as the broader digital-asset market hasn’t changed much in the wake of last year’s collapse that saw the prices of many rivals fall by around ninety percent.
The bullish performance of Binance Coin is coupled with the incredible rise of Changpeng Zhao who co-founded the exchange during the 2017 boom that sent BTC over $20,000. CZ, as he likes to be called, has had run-ins with authorities in Hong Kong and Japan before eventually decamping to the European island nation.
A managing partner at the hedge fund Multicoin Capital Management in Austin, Tushar Jain said “this is the best executing team in crypto… we expect to hold them for the foreseeable future.”
For those that are unaware, Binance Coin is used by holders in order to pay the fees levied by the exchange for trading. In addition, the cryptocurrency is on its way to becoming a favourite medium of exchange for issuers of initial coin offerings, allowing startups to raise money by listing on one of the most liquid crypto exchanges with more than $1 billion in daily trading volume.
What makes Binance Coin (BNB) specifically stand out is the firm’s practice of trying the performance of the exchange to the number of tokens in circulation.
CZ has said in an interview that about fifty percent of the coins were allocated to firm employees and investors. “we are in the same boat. We don’t want the price to drop, to be negatively impacted. We are very much aligned with our investors.”