Social trading platform eToro has partnered with Binance to list the Binance Coin (BNB) cryptocurrency on its platform. eToro also becomes the first platform to offer the BNB tokens to investors for trading using fiat. The addition of BNB on the trading platform increases the number of crypto assets available to eToro’s investors to 13.
BNB is the native token of Binance, otherwise known as the “gas” that powers the Binance ecosystem. It was issued following Binance’s initial coin offering (ICO) in 2017 and its often used on the Binance cryptocurrency platform to pay for trading fees, exchange fees, listing fees, and partner applications.
BNB holders can also use the token to invest in certain ICOs listed on Binance’s Launchpad program. Regarding partner applications, BNB token investors can make flight reservations in selected airports such as the Brisbane Airport and pay for virtual gifts using their tokens on Uplive, an Asian live streaming mobile app with over 20 million users.
The founder and CEO of Binance, Changpeng Zhao, said his company was honored to have its token listed on eToro.
His statement reads in part:
“With this addition, the Binance coin can reach millions of more people, many of whom are more accustomed to the traditional financial industry. As an utility token, we believe in creating long-term utility and value. We will continue to do so together with eToro.”
Listing the Binance Coin provides room for diversification of crypto holdings on the eToro trading platform as BNB will also be added to eToro’s CryptoPortfolio, a one-click solution that makes it easy for investors to diversify their crypto holdings.
In an interview with CCN, Guy Hirsch, a managing director at eToro, said the company was excited to partner with Binance.
“eToro adds coins that we believe have a great product behind them with a clear product roadmap and clear business usage. The Binance team has been steadily building innovative infrastructure for the new world and as such, we believe there is great demand for it in the market,” he said.
On his part, eToro co-founder Yoni Assia said the platform would continue to add leading crypto assets with meaningful uses cases to its platform.
“As a regulated securities broker, we have the ability to offer both utility and security tokens on our platform. We support the movement of assets onto the blockchain and the tokenization of securities.”
Earlier this year, eToro signed a sponsorship deal with seven Premier League teams and paid them in bitcoin. The clubs, who also agreed to open digital wallets on the platform, are North London Tottenham Hotspur, Newcastle United, Crystal Palace, Leicester City, Southampton, Cardiff City, and Brighton & Hove Albion.
Featured Image from Shutterstock. Charts from TradingView.