The world’s largest digital-asset exchange by trading volume Binance’s Binance coin is soaring high regardless of the bear market. It is considered as one of the hottest coin in the cryptocurrency market. Binance Coin has increased in value in the last three months to around $15.
Binance has a practice of attaching the performance of the exchange to the amount of circulated tokens. According to the reports the exchange issued 200 million of the coins in July 2017 after an Initial Coin Offering. Binance CEO CZ said in an interview that the company plans to spend 20 percent of its profits each quarter to buy back and destroy Binance Coins that will continue for 10 years.
Tushar Jain, managing partner at hedge fund Multicoin Capital Management in Austin, Texas, “This is the best executing team in crypto, we expect to hold them for the foreseeable future.”
The exchange has been developing a blockchain that is public for the transfer and trading of cryptocurrency. CZ believes that it will be launched in two to five months. The Binance chain network will enable traders to access to a decentralized exchange. The network carry out transactions in an automated way that will limit the third party access to hold and trade funds.
Report suggests that once the Binance chain is set for prime time, the coin will be advanced to the digital ledger from the Ethereum network. The network will enable easy transactions and can be used to pay various transaction and listing fees.
CEO and Founder of Binance said that the echnage is expecting a profit slightly more than $400 million which it made last year. Meanwhile the company is expecting to raise a good profile for Binance coin.
Binance staff and 130 volunteers known as Binance Angels organized user gatherings called MeetUps to spread the virtues of coin. At the time of press, the Binance coin is seen trading at $ 15.22 with market cap of $2,148,214,832. In the last 24 hours the coin has entountered a change of 1.77%.