Binance, a crypto giant that runs one of the world's leading crypto exchanges, is set to become the world's first-ever decentralized corporation that can mitigate its company's value to its native cryptocurrency, and Binance Coin (BNB) investors are slowly mapping out how this will happen within 5 years from now.
Starting out as a rather moderately-sized crypto outfit, the company gained an impressive and meteoric rise this year, pushing its price up from $6.02 to over $15, making it world's seventh largest cryptocurrency when it comes to market cap, even going as far as to surpass the likes of Stellar, Tron, and even Bitcoin SV. As its latest move, the cryptocurrency will be transferred to Binance's own native blockchain Binance Chain from the Ethereum network, where it was initially launched. Per Binance, the platform had its testnet launch last month, and is now more than ready to accommodate the rising cryptocurrency.
Rise of the crypto
Speaking on a recent podcast, Tushar Jain and Kyle Samani, who are managing partners of Austin-based crypto hedge fund Multicoin Capital, highlighted the success of Binance, and why they are both using BNB.
Per Jain, "We've been watching Binance and their execution ever since they launched in 2017, and we've been incredibly impressed by how well they've executed, really dominating the crypto spot trading market. What we see here is that Binance is the top-traded exchange for 82% of the top 50 tokens. And Binance is facilitating 36.6% of global crypto spot trading volumes."
Binance DEX, an up-and-coming and new decentralized exchange that promises to deliver only the best of Binance exchanges in a decentralized space, will now be powered by Binance. The decision is also in line with the company's goal of establishing an open global financial system, Binance DEX will also be supporting high-throughput trading with fees that go directly to validators of the blockchain.
Opening up the space
Binance shot up to the top of the industry by opening up the blockchain conversation to more than just Bitcoin, focusing on a wide array of other cryptocurrencies that are often not always listed on top competing exchanges. The timing for the platform was also perfect for the time, coming in just before months of the supposed "market crash" that started in January 18. At the time, crypto was at its peak, and the space was both bullish and exploratory.