Global multi-asset trading website eToro recently announced that it had added Binance Coin (BNB) to its platform. The native token of the largest crypto exchange in the world, Binance, has become the 13th cryptocurrency to be added to the platform. Binance Coin will be available for buying and selling using fiat. The ERC20 token was launched in mid-2017 following an ICO and is currently the 14th largest crypto in the world with an over $1.2 billion in market cap.
Sharing the Vision
.@eToro will now offer $BNB to investors and traders to buy or sell using fiat. We are excited to be listed on eToro, whose team shares our belief in creating long term utility and value. https://t.co/GVvlk1qMNn
— Binance (@binance) October 30, 2018
BNB can be used for paying trading fees on the Binance crypto exchange or held as an investment. Binance offers attractive discounts to incentivize BNB adoption on their platform. On eToro, BNB will help users in diversifying their crypto portfolio further. It is now the 13th coin listed on the E-Toro platform, joining the ranks of Bitcoin, Bitcoin Cash, Ethereum, Ripple’s XRP, Litecoin, Ethereum Classic, Dash, NEO, Stellar, EOS, IOTA and Cardano.
Co-founder and CEO of eToro, Yoni Assia said that the platform believes in the potential of crypto assets despite the “sensational headlines” ringing crypto’s death bell. She said that eToro clients are also seeking to diversify their portfolio because of which BNB has been added to the platform.
Isn’t BNB a Utility Token?
In the beginning, BNB was primarily used as a utility token which helped in facilitating transactions on the Binance exchange. The token is often referred to as the reason that Binance became the world’s largest crypto exchange before even its 2nd anniversary. Now BNB’s status as a utility token and its use cases are increasing as Binance continues to grow.
For eToro, it wouldn’t be a big deal if BNB is a utility token. Assia puts it perfectly, saying:
“As a regulated securities broker we have the ability to offer both utility and security tokens on our platform. We support the movement of assets onto the blockchain and the tokenization of securities. In fact, we believe that in the future we will see the greatest transfer of wealth ever, onto the blockchain.”
Australian startup TravelbyBit is pushing the currency-side of the coin by integrating BNB payments with all merchants on its network. Binance founder and CEO also commented on the changing landscape of BNB adoption, saying that Binance Coin’s addition on eToro will help it reach millions. He noted:
“As a utility token, we believe in creating long-term utility and value. We will continue to do so together with eToro.”