The leadership at Binance constantly endeavors to deliver enhanced value to their end users.
Recently, the cryptocurrency exchange based in Malta completed its eighth quarterly token burn , wherein nearly 809,000 BNB tokens tokens were destroyed, with that colossal amount being valued at nearly $24 million in USD during the obliteration.
The enterprise noted that this particular token incineration marked the initial phase of a broader aspiration to reduce their supply by a staggering 100 million BNB tokens:
\"With this burning event as the starting point, Binance is forgoing the BNB tokens that were earmarked for the Binance team and will instead commit these to our pledge of burning an aggregate total of 100 million BNB. These team-allocated tokens make up 40% of the total BNB availability (80 million BNB, equating to around 2.4 billion USD in its current appraisal).\"
What's the objective here? By reducing supply, they aim to increase demand, hoping the BNB tokens fetch a higher value in the future — not dissimilar to the way Kyber Network Crystals (KNC) tokens undergo burning every time a transaction occurs on the Kyber Network.
The significant BNB reduction follows closely after the exchange marked a major highlight best two-month stretch within its relatively young history. During May to June of 2019, Binance managed transactions around the mammoth amount of $125 billion — the largest volume they've ever handled during any given time frame so far.
It's yet to be determined if the platform can sustain such impressive activity as it gradually distinguishes itself from serving American users via Binance.com. However, a new dawn is on the horizon with Binance US launching soon, alongside cutting-edge margin trading and futures services being incorporated on Binance.com. This sets up multiple pathways for the brand to secure its stalwart influence in the crypto realm.
Binance Rolls Out Its Latest Margin Trading Feature
This week, Binance 2.0 arrived.
With its latest offering, the new Margin Trading option has been introduced simultaneously with the core exchange functionalities. These features are supported by an advanced trading engine, engineered to enhance order matching and implement more precise margin calculations, ultimately allowing fewer liquidations, as outlined in the company's press statement on July 11th.
The company's chief operations officer and co-founder, Changpeng Zhao, had this to say on the announcement:
\"This marks another milestone in our commitment to crafting a comprehensive crypto trading platform that meets the needs of both high-end institutional clientele and everyday traders, all consolidated under one umbrella. It's a new addition to the financial services and crypto ecosystems, designed to magnify the outcomes of shrewd trading activities.\"
With the introduction of this fresh margin trading tool, Binance clients who've verified their identity will have the newfound capability to use crypto assets as collateral, stored in a distinct wallet for the purpose of executing leveraged trades.
Binance: the One-Stop Crypto Shop
In the quest to fortify their leading position in the crypto industry, Binance declared earlier this month their plans to unveil a cryptocurrency futures trading service, tapping into the mainstream market where futures serve as a predominant method for asset price speculation.
Reaffirming the near readiness of this upcoming futures experience, CEO Zhao disclosed at the Asia Blockchain Summit in Taiwan that cryptocurrency futures trading would soon be poised for activation on Binance.com:
\"We are gearing up to launch a futures trading platform shortly. While an exact release date hasn't been pinned down yet, expect the simulation trial format to become accessible in a matter of weeks.\"
Is Binance Set to Join Forces with the Libra Foundation?
There's a buzz around the possibility of Gemini joining the Libra Association, as highlighted by founders Cameron and Tyler Winklevoss just recently. Concerns of whether a member from the Ethereum community should join the fledgling body.
Enter Binance , too.
Within this same month, Gin Chao, the strategic lead for the company, echoed sentiments about Binance's deliberations on joining the Libra Association, though no definitive path has been decided yet. He remarked:
\"We're certainly exploring the option. Throwing our hat in the ring is something we're keen on. Time will tell if we become a member.\"
