If it wasn’t enough for Binance to be the biggest crypto exchange by trading volume in the world, such is its popularity that it will now launch its own blockchain. Dubbed the ‘Binance Chain’ (give that genius a can of coke), the new blockchain is due to arrive in the “coming months” according to a Tweet today.
The Binance Blockchain
The Tweet gave a little more detail. It said the following:
“Binance is pushing for blockchain adoption and doing many things to help advancement of the industry. E.g. we will have the Binance chain ready in the coming months, on which millions of projects can easily issue tokens.”
So the company is looking to advance the entire crypto industry and, let’s be honest, it’s in a pretty good position to do so. With a current daily trading volume of $ 645 million USD, Binance’s reach is second to none.
The Binance blockchain is hoping to provide a basis for new cryptocurrencies and ICOs.
As with nearly everything crypto, the idea is for global adoption, and Binance’s incentive on this project is no different. Global adoption means an actual change in the way the world perceives finance and does business.
Speaking at the ‘Decrypting Blockchain for Business’ event in Singapore, Binance CEO Changpeng Zhao (CZ) said that the new Binance blockchain will revisit an old vision of crypto in order to increase adoption to a global level.
CZ said further that Binance will be “pushing really hard into that space (payment adoption),” considering the average person is still not using crypto to pay for average daily things.
This is the fundamental goal.
The cryptocurrency market went through a massive slump in recent weeks; Bitcoin dropped dramatically from $ 6,500 USD to below $ 3,500 in a matter of days. Where it went, other coins followed like lemmings off a cliff. The market only began pairing some losses this week, yet, BTC is still toggling the underside of the $ 4,000 mark.
Despite exchange volume also dropping around 50%, CZ confirmed that Binance’s business was still “very stable.” The company has dropped significant trading volume in general since January of this year.
The drive here to pull crypto through the tough times is admirable. As is the belief in the long-term sustainability of these digital assets. But is the Binance blockchain really going to make much of a difference? Isn’t it just another one of a million blockchains already out there?
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