Cryptocurrency is the key entry point for the digital asset ecosystem for any new investor. This is indeed a shark money business, and therefore the competition is as well pretty fierce.
He-IY, Co-founder of Binance stated to Forbes that, “BNB is the fuel for Binance’s Engine.” He further stated that the early batch of Binance customers contributed in a great way to the growth of Binance. The secret to the growth of Binance is the strong community that has been built. He reinstated, “The strong vision we have for the industry contributed to the success.
The Co-founder implied that they would win with and without the utility token because their vision and values were strong for the crypto industry. The listing fees they said will be donated to charity. They stated that they are hoping on other exchanges to follow the charity process.
The CEO reinstated that “Binance will continue to use similar standards for listing review as well.” He further clarified that a big donation would not in any way affect the review or listing process. “It is not about how much Binance will charge for the listing, but about whether the coin will be good enough.”
They said they would not list unworthy coins even if they pay 400 or 4000 BTC. Zhao tweeted, ” We don’t list shitcoins.”
The growth of Binance was unprecedented and insane. The ICO of Binance was an instant success with the BNB token. And, it continues to hit the right notes for its users. Despite being just a couple of years old, the crypto has climbed to the top and is already a household name in the crypto space.
BNB token is now being accepted as collateral in crypto-backed loans by NEXO. Antoni Trenchev, Co-founder at Nexo stated, “We decided to accept BNB as collateral for crypto-backed loans because Binance is one of the platforms who delivered ICO and fulfilled their promises.” He further added, “There are multifaceted reasons for why we like BNB coin. One of them being than Binance is a safe haven in the crypto space. The next being that it is a real-life product provided by a real company.”
Binance is used to setting new precedents with innovations like decentralized exchange. Though the adoption of Binance to everyday use has been slow for varied reasons, it did not in anywhere prevent the company from setting a precedent in the cryptocurrency world. Being a well-strategized blockchain company, this can evolve to be the future of cryptocurrency acceptance and use by the mainstream.
The success story of Binance is set to be here for at least three decades. While there are companies, who come and go Binance values will have the company last for decades, and it is not just another company doing the ICOs to disappear.
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