While U.S. users are getting geo-blocked from Binance.com Anticipated to launch in the fall, the Malta-based crypto exchange is making significant strides towards its new platform for US users, Binance US.
To bring this ambitious venture to fruition, the exchange has developed a 'Digital Asset Risk Assessment Framework' and is initially evaluating up to 30 cryptocurrency initiatives for potential listing.
On August 9th, Binance US provided an update, revealed the projects outlining the standout currencies under consideration as potential market leaders.
- Cardano (ADA)
- Cosmos (ATOM)
- Basic Attention Token (BAT)
- Bitcoin Cash (BCH)
- Binance Coin (BNB)
- Bitcoin (BTC)
- Dash (DASH)
- EOS
- Ethereum Classic (ETC)
- Ethereum (ETH)
- Holochain (HOT)
- IOTA
- Chainlink (LINK)
- Loom Network (LOOM)
- Litecoin (LTC)
- Decentraland (MANA)
- Nano (NANO)
- NEO
- Paxos Standard Token (PAX)
- Augur (REP)
- Ravencoin (RVN)
- TrueUSD (TUSD)
- USD Coin (USDC)
- Tether (USDT)
- VeChain (VET)
- Waves (WAVES)
- Stellar (XLM)
- XRP
- Zilliqa (ZIL)
- 0x (ZRX)
The Key Takeaways
However, it's important to note that not all 30 ventures will automatically be featured on Binance US initially. Other exchanges, like Coinbase, have previously presented extensive prospective lists.
What makes the Binance US announcement special is its status as the first American platform expressing interest in listing Binance Coin. It's expected with Binance US in focus, but, if successful, it might urge others like Coinbase Gemini to follow its example.
This development is noteworthy as it suggests Binance US doesn't need to begin with all 30 assets to surpass Coinbase, which offers slightly over twelve to its American clientele.
While such a move wouldn’t be the downfall of Coinbase, it might signify the start of its fiercest competition yet. For years, Coinbase has been dominant on the US scene, but can it maintain its lead if Binance broadens its asset base swiftly?
In its Friday release, Binance US stated its aim to offer a 'comprehensive selection' of digital currencies moving forward:
“Much like how nobody anticipated the advent of social media during the internet's early days, groundbreaking digital assets based on distributed ledgers remain to be developed. With this foresight, Binance US endeavors to be a dependable marketplace delivering diverse, high-caliber digital assets, enabling users to participate in an open and dynamic market discovering projects with real utility.”
Coinbase also has plans to expand its repertoire of projects.
Following the Binance US announcement, Coinbase disclosed its intention to potentially incorporate eight new cryptocurrencies into its expanding collection.
In a blog entry dated August 5th, the San Francisco platform stated it was investigating listings for Waves, Dash, Ontology, Cosmos, Decred, Algorand, Harmony, and Matic.
Interestingly, Harmony and Matic are built on the Binance Chain blockchain, implementing the BEP2 token protocol.
According to Coinbase, this growth initiative aligns with its strategy to eventually facilitate numerous digital assets:
“We aim for Coinbase to support all cryptocurrencies that meet our technical benchmarks and comply with legal standards. Ultimately, we expect our global users to gain access to no less than 90% ofmarket cap all digital assets in existence via Coinbase.”
