BNB breaks past the $100 handle as Changpeng Zhao’s (CZ) Binance continues to add products and services to its exchange offering.
BNB Over $100
Binance Coin (BNB) is soaring to record highs, setting a new all-time price at $106.74, according to data from CoinGecko. BNB saw its market capitalization increase to $16.27 billion. This cemented its place as the seventh-largest cryptocurrency by market capitalization.
The token also experienced one of its highest 24-hour trading volumes on record, with just under $5 billion worth of BNB changing hands. BNB is Binance’s own cryptocurrency, native to the Binance Ecosystem. The exchange’s users can use it for a number of things including transaction fees, making payments, and entering Binance competitions.
BNB’s rally comes as the wider cryptocurrency market sees substantial gains. The total market capitalization rose above $1.4 trillion with several alt-coins posting daily all-time highs.
The Binance Multi-Crypto Universe
Indeed, BNB fuels the Binance Ecosystem which includes products and services that cover the entirety of the crypto space.
Binance users can stake BNB, BUSD, and several other cryptocurrencies in the Binance Launchpool to “farm” newly released tokens. BUSD is another Binance invention, the top cryptocurrency exchange’s own stablecoin.
In the Decentralized Finance (DeFi) space, Binance has built its own Decentralized Exchange (DEX) called Binance DEX. The DEX itself sits atop another Binance product, Binance Smart Chain (BSC), a platform that allows developers to build in DeFi.
Notably, last year, DEXs built on BSC were up to 49 times cheaper in fees compared with Ethereum-based DEXs such as Uniswap or SushiSwap.
Exchange the World
In addition to Binance’s more technical experiments, the exchange also rolled out several outwards facing products this year and last.
It recently launched an instant payments app, Binance Pay. The application, set to rival giants such as PayPal, allows Binance users to transact with anybody across the world.
Moreover, the exchange is also gradually rolling out Binance Card to enable users to spend their crypto-holdings directly with merchants. Essentially, consider Binance the Amazon of the cryptocurrency world. Once you’re in, you never have to leave.