Shapeshift Adds Binance Coin (BNB)

Avi Rosten
  • 3 Jul 2018
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  • 238 views

Binance exchange’s coin - BNB - has received a significant boost today as Shapeshift exchange have announced the addition of the token to their platform.

Shapeshift exchange, which bills itself as the “fastest and safest” way to buy digital assets, announced the addition this afternoon via Twitter to its 80,000 followers:

Binance, widely considered the world’s leading cryptocurrency exchange, launched BNB - an ERC20 token - last year, and has used the coin to reward its users and encourage loyalty.

One of the few cryptocurrencies or tokens to perform well in the first half of 2018, Binance users can use BNB to pay their trading fees and receive a 50% discount, and every month the exchange uses its profits to buy back 20% of its tokens which it then burns.

Binance’s position as the highest volume trading platform has recently come under threat from the controversial new breed of “trans-fee mining” exchanges in China which pay users 100% of their fees back in their own tokens.

With Binance CEO Zhao Changpeng criticising this new exchange model for its apparent similarity to ICOs, as well as the potential for manipulation it affords, it remains to be seen whether additions such as these will help the exchange maintain their market lead.