Cryptocurrency exchange Binance today saw its in-house token Binance Coin (BNB) become available to buy and sell with fiat currency for the first time.
BNB Leaves The Crypto Realm
In a partnership with UK-based trading platform eToro, the exchange will open up its token, which traders can use to pay fees, to direct exchange against the euro, British pound, US dollar or Japanese yen.
BNB is the thirteenth cryptocurrency asset to launch on eToro, which has cemented its bullish position on the asset class over the past two years.
Commenting on the decision, eToro CEO and co-founder Yoni Assia continued the upbeat sentiment. “Despite sensational headlines about the death of crypto, we continue to believe in the potential for crypto assets, as do our clients who are increasingly looking to diversify their crypto holdings,” he said in an accompanying press release. “In response, we will continue to add the leading crypto assets to our range and we are pleased to add BNB to the platform.”
Zhao: BNB ‘Can Reach Millions’
Until now, only all-cryptocurrency exchanges had offered the token, Binance similarly not supporting fiat currency beyond USD-pegged stablecoin Tether (USDT).
One of the more successful ICO tokens of 2017, BNB has managed to avoid the bear market which saw multiple other assets plummet in value by over 95 percent.
“With this addition, the Binance coin can reach millions more people, many of whom are more accustomed to the traditional financial industry,” Binance CEO Changpeng Zhao continued. “As (a) utility token, we believe in creating long term utility and value.”
eToro had already made the cryptocurrency news this week meanwhile, with managing director Iqbal V. Gandham telling Bitcoinist that cryptocurrency sports signings would “soon” become a major new phenomenon.
The comments follow a raft of partnerships the platform signed with UK premier league football clubs, as part of which sponsorship money will be paid solely in Bitcoin.
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[Editor’s Note: eToro is a premium partner of Bitcoinist, as is clearly displayed on our homepage.]