On a day devoid of any major news on crypto, Binance, the largest cryptocurrency exchange by volume, has announced plans to add USD to crypto assets in the near future.
This announcement follows hot on news that the site was adding ADA/BNB (BNB is Binance coin) and ADA/USDT to its trading pairs. The latest development would see a few crypto coins get paired with USD. It is no doubt a great move by an Exchange platform that accounts for a majority of the world’s cryptocurrency trading.
In a move that would make trading much easier, Binance has indicated a plan to have users on its site access cryptocurrency assets directly via fiat. This has been the most troubling aspect of trading in coins as there has been no direct way to purchase most of the crypto via traditional fiat money.
What the move by the company behind the BNB coin means is that investors now do have an opportunity to use those dollars without having to first buy BTC or ETH. As a result, we expect to see more pairings against the US dollar.
As it stands, Binance could be about to double its daily volumes, judging from the many excited investors who’ve had trouble finding the right pairs to trade. The excitement shouldn’t surprise at all.
Of course, someone would point out that there is Tether (USDT) that allows investors to purchase cryptocurrencies directly on some exchanges like Bitfinex and Poloniex. That may have been a novel idea, but perennial controversy about the stable coin’s back up meant investors’ trust had been eroded.
Several investors have expressed their approval of the move, terming the news “big news”. One specified, saying that it relieved them of the worry they had with Tether.
We should expect more trading sites to follow suit. Even though this appears to be a unilateral move by Binance, it won’t be surprising to see other sites like Bittrex make a similar announcement.
While it’s expected that most of the crypto assets will be paired, it appears the frontrunners are Verge (XVG) and Ripple (XRP). The market should be ready to ready to see a spike in trading volumes of these cryptocurrencies, similar to what was witnessed with Cardano’s ADA.
The above will certainly see XRP soon contending for the very top in coinmarket. This will all expect massive volume in trading on both XRP and XVG. Buy now for some long term.
And expect to add TRN as well....i am closely following this coin