BNB, the token for the popular cryptocurrency trading platform, Binance, saw a massive spike in trading volume, and over a 25% price increase in early morning trading hours today (March 13th). The increase follows the official announcement of the Binance chain.
Binance is a popular Chinese cryptocurrency exchange used to trade Bitcoin and many other popular altcoins. The exchange is used heavily by cryptocurrency traders and accounts for over $1 billion in 24 volume for cryptocurrency trades.
The exchange today announced that they will begin work on the Binance chain, a public blockchain that the company says will exist as
a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets. Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin. At the same time, Binance will transition from being a company to a community.>quote
Time will tell if the introduction of the Binance blockchain will greatly improve the performance and security of the exchange or will meerly be a PR move to attract more traders. But, for now traders see this as a positive sign for the future and value of Binance and the BNB token.
Read more on Binance's official announcement
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