By
Chimamanda U. Martha
April 19th, 2024
Binance Trading announced a service called Block Trading. With it, users can trade their cryptocurrencies worth over 10 BTC with over-the-counter methods (OTC).
Binance Trading, which is an OTC service, was launched already back in January 2019. However, now they have updated it and added a Block Trading service as well. Block Trading refers to large amounts which are set to be no less than 10 BTC. Previously, Binance Trading was used for smaller amount OTC trading.
Binance explains that by using Block Trading, the customer engages with the Binance team over a messaging app, where the both parties can discuss the upcoming trade, work on the onboarding process, pricing, trade settlement, or, as they write, “even just to chat about the markets”.
The famous cryptocurrency exchange believes its service is quite unique, because of the amount of crypto pairs it is offering. Binance has around 150 cryptocurrencies listed on their exchange and block trading can be done with most of them, even on pairs that yet are not listed, for trading directly from one crypto to another.
Also, Binance explains that their service is focused on providing the best and fastest pricing and execution service “in minutes”. The settlement occurs on the users’ Binance profile and can be finished within a few minutes.
Moreover, what is probably the best thing in Binance Block Trading, is that the user just has to send his coins to his Binance account, and they get swapped once the trade is settled.
All what the potential customers need to have is a 2nd level verification account on Binance, a trade of at least 10 BTC, and access to messaging apps like Telegram, or WhatsApp.
In other news, Binance recently launched their margin trading platform, and also revealed that a futures trading platform should arrive soon.
The Price of Binance Coin
Although, these services shouldn’t affect the price of Binance Coin, we believe it could be worth mentionioning the price situation of Binance Coin (BNB). As many altcoins dumped in BTC value over the last couple of weeks, Binance wasn’t an exception. Since it reached the All Time High price of $39,27 on June 22, it has only seen a downwards facing trend. The price now sits at $29 and the chart looks like it is still in a bear market. While many industry professionals are predicting an alt season some time soon, justifying it with the recent Bitcoin surge, in reality this doesn’t look so promising. Of course, the Bitcoin valuation is slowly rising, but Bitcoin dominance hasn’t yet dropped. The overall Bitcoin dominance recently reached a 2 year all time high, touching 65%. Now it is experiencing a small draw back to 65%.
Moreover, when looking at Binance Coin, it is clear that this asset is starting to “live” on its own in the cryptocurrency markets. Since BNB has a very widely used use case on Binance, as an asset, it is starting to draw lines of its own. Not like the majority of cryptocurrencies which basically follow the chart of Bitcoin. Binance has proved the necessity of their asset and steadily continues to pave their way of becoming (or being) a leader in crypto companies.