Brand new cryptocurrency exchange BQT has listed BNB, the native token of Binance, the largest cryptocurrency exchange in the world by trading volume.
Up until now, the primary purpose of the BNB token has been in a supporting role on the Binance exchange.
According to the Binance website, “Binance Coin (BNB) powers the Binance Ecosystem. As the native coin of Binance Chain, BNB has multiple use cases: fueling transactions on the Chain, paying for transaction fees on Binance Exchange, making in-store payments, and many more.”
BQT was also honored by Binance CEO, CZ, a prolific cryptocurrency social media communicator, when he retweeted BQT’s announcement Twitter announcement.
In the announcement, BQT commended BNB as “one of the most reliable and secure #crypto in the whole #market,” indicating that this sentiment was a primary determining factor in selecting BNB as a first listing.
BQT is a newcomer in the growing cryptocurrency exchange market. The premise behind this exchange is also new but unique in the space.
Thank you!https://t.co/KSoYwFdpDc— CZ Binance (@cz_binance) 14 Jul 2019
The BQT team has publicly committed to supporting and promoting a decentralized exchange economy through the development of synergistic relationships with other exchanges.
By listing a competitor token, BQT is practicing what it preaches. The BNB listing demonstrates increasing value of the BNB token as well as a definite engagement in the BQT pledge to contribute to a collaborative exchange environment for cryptocurrency.
BNB has been on an interesting ride this year, and not just because of the status of the Binance exchange and its high profile CEO, CZ Zhao.
Starting April 23, 2019, Binance launched a custom mainnet blockchain, the Binance Chain. Designed specifically to support the BNB cryptocurrency that powers its platform, it is set to support over $4 billion worth of the native token.
Binance Chain is a decentralized exchange (DEX). In a May 2019 interview with Forbes, CZ Zhao stated the following:
We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system... With no central custody of funds, Binance DEX offers far more control over your own assets.
In addition to bringing its decentralized exchange vision to life, Binance is also supporting new cryptocurrencies, ICOs, and blockchain projects.
BNB, Burns, and BQT
In addition, the existing features of BNB remain intact. Specifically, the fact that at the moment, Binance still offers discounted transaction fees when paying with BNB. Other features also exist, including dust conversion, zero fees for certain token withdrawals, and the ability to use BNB as a base trading coin.
Prior to the Binance Chain launch, BNB was run on Ethereum. Holders of BNB were directed to migrate all balances to the new network.
During this process, Binance has been burning old Ethereum-based tokens on a quarterly basis. The most recent burn, reported July 8, 2019, was worth approximately $24 million USD. For the past week or so, BNB has hovered around $30 USD.
This was part of a pledge to burn 100,000,000 BNB, re-establishing the total supply at 100,000,000 following the migration to Binance Chain from Ethereum. The current supply of BNB is approximately 189,000,000. This means that 89,000,000 BNB tokens still need to be destroyed.
One issue with the Binance Chain migration was Ethereum’s unexpected loss of multiple projects that quickly migrated to Binance Chain upon its launch. This was in addition to the obvious loss of trading volume Ethereum experience with the migration of millions of BNB coins.
Both Binance and BQT continue to demonstrate a strong commitment to their collective vision of furthering a decentralized, yet cohesive cryptocurrency ecosystem.
Binance Chain has the potential to enable thousands of investors and blockchain entrepreneurs through its DEX concept.
By allowing BNB trading on the BQT platform and actively supporting the cohesive, symbiotic exchange environment, BQT is on a similar trajectory.
Cryptocurrency exchanges have always been a necessity for investors. They have additionally proven to be an incredibly lucrative start-up endeavor. Now they are helping bolster and grow the entire blockchain economy through innovation, collaboration, and interactive service offerings.