Binance exchange’s coin, BNB, just got a massive boost as it was added on the listing of ShapeShift crypto exchange platform. The exchange calls itself the fastest and the safest way to purchase digital assets and it just revealed that they added the token yesterday afternoon via Twitter.
About ShapeShift exchange platform
ShapeShift calls itself the “revolutionary part of the cryptocurrency ecosystem. It is how digital asset exchange should work. The platform gives you the power to quickly swap between assets – no account required.”
On their official website, users also find out that there are “no emails or passwords. No lengthy signup process. No accounts. No bid and ask orders. No friction. And no sending your money to be held on a centralized exchange.”
ShapeShift’s goal is to become the fastest, most private, and most convenient way to swap digital currencies, and the website also states that the exchange rate will always remain competitive.
Binance is considered the leading crypto exchange in the world and they launched their token BNB, an ERC20 token, back in 2017.
The platform used their coin to reward users and encourage loyalty. This was one of the few cryptos that managed to perform well in the first half of this year. You can learn more about Binance’s coin here.
Binance users have the ability to use BNB in order to pay their trading fees and also to receive a 50% discount. Every month the exchange uses its profits to buy back 20% of its tokens, and it burns them afterwards.
Binance’s position as the highest volume trading platform has been recently threatened by the controversial event involving the new breed of trans-fee mining exchanges in China which seem to pay users 100% of their fees back in their own tokens.
Binance CEO Zhao Changpeng criticized this new exchange model for the striking similarity to ICOs and its potential for high manipulation.
We still have to see whether such as addition as BNB on ShapeShift could make a significant change in the crypto space and help the exchange remain the market leader.