By
Chimamanda U. Martha
April 25th, 2024
The Binance token listing has already taken place on the Bithumb platform. Its listing went live at around 5:00 pm Korean time.
Something unusual is about to happen in the crypto industry as Bithumb, a leading cryptocurrency exchange firm in South Korea has taken a decision to list Binance Token (BNB) on its platform. BNB is the native token of Binance, a rival and one of the leading exchanges; this was contained in an announcement on the Bithumb official blog.
The news of this possible development was earlier reported by Wu Blockchain, who said that “Techflow had reported that the South Korean exchange Bithumb will list Binance’s platform currency BNB on May 27th. It Is rare for a large exchange to launch another exchange’s coin. There have been rumors that Binance tried to acquire Bithumb.”
While the motive behind this decision remains unknown, the rumors making the rounds in South Korea is that Binance could be set to acquire Bithumb. Though other potential buyers of the exchange are US JPMorgan and Morgan Stanley, Huobi, one of the largest crypto exchanges, Nexo and Visa, a giant payment processor.
It is worth noting that the said token was launched around the beginning of this year. Binance had launched the token for its in-house (exchange) purposes ranging from trading fees and to open swaps. The popularity of the coin started during the bullish season, and that can be attributed to the wide acceptance of the Binance Smart Chain (BSC) among traders who needed an alternative to the Ethereum network due to its rising gas fee.
As of February, the token was still trading at $50. However, it grew 10 times its February price a few months later, hitting an all-time high of $669 which saw the asset earn a spot among the top 10 crypto assets with the highest market capitalization.
BNB is currently outperforming many assets, and it is far from being regarded as just a Utility token, now acting as an investment asset, targeting to hit $1000 price value.
The Binance token listing has already taken place on the platform. Its listing went live at around 5:00 pm Korean time. As of press time, the BNB token is being traded on the exchange for $400 per token. But according to Coinmarketcap, the value of the asset stands around $366.62 and it is the fourth largest crypto asset by market cap with a value of over $50 billion.