World’s biggest cryptocurrency exchange, Binance has introduced two new pairs for Dash trading on the platform. The announcement came via a post on the giant crypto exchange’s website.
The post on the company website stated,
Binance will open trading for DASH/BNB and DASH/USDT trading pairs at 2019/03/28 4:00 AM (UTC).
Risk warning: cryptocurrency investment is subject to high market risk. Please make your investments cautiously. Binance will make best efforts to choose high quality coins, but will not be responsible for your investment losses.
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The newly added coin will be paired with the exchange’s in-house cryptocurrency Binance Coin, and the US dollar backed stable coin Tether. In the two, the pairing with Tether is expected to be more lucrative, as it is backed by a fiat currency, which would allow excellent liquidity for Dash Coin.
The cryptocurrency market witnessed its worst bears yet in 2018, which led many digital tokens to lose as much as 90% of their price values. However, the crypto space at large continued to expand and grew at a staggering 122%. This shows the immense potential of digital currencies, which haven’t yet been fully optimised.
Binance Crypto Exchange was created in mid-2017, when bulls were ruling the market. Since then, it has continued to grow month after month, even when established currencies like Bitcoin registered a sharp decline. The giant exchange is currently the world’s biggest, with daily volumes churning at over a mammoth $1.4 billion. Total market cap of the exchange’s in-house digital token Binance Coin is valued around $2.4 billion, and has been quite stable even during the bearish trends last year.
Dash Coin has been one of the most consistent performers and has witnessed a growth in merchant adoption. The cryptocurrency currently has a market cap of over $846 million, making it the 15th most valuable cryptocurrency in the world. The pairings at Binance are likely to bring more liquidity to Dash, which will further increase its merchant adoption.
The market is swiftly moving towards recovery, ever since Bitcoin ended its six months long losing streak in February. Governments across the globe have taken a keen interest in the market, and have taken major steps to regularise crypto space in their respective countries. Regulations, though not completely beneficial from the market’s viewpoint, will certainly boost confidence and credibility among potential investors.
Many giant corporations have entered the crypto space, including VISA, Facebook and JPMorgan. The global payments platform VISA revealed its intentions to integrate blockchain technology with its global operations in a bid to facilitate payments via digital currencies. Facebook, too, is launching a digital coin aimed at cross-border payments. World’s biggest investment bank JPMorgan became the first bank in the United States to launch its own cryptocurrency.
Another giant American company, IBM has penetrated with the distributed ledger space substantially and has launched a blockchain based global payments platform, World Wire, in conjunction with Stellar Coin. The emergence of such big companies has infused the much-needed capital in the space to facilitate research and development. These researches have found newer ways to adopt crypto and blockchain in everyday life, upping the usability factor.
However, there’s one specific area where Binance can be of great help, and that is securing exchanges. Binance has been one of the very few crypto exchanges, which haven’t been hacked yet. As a growing number of cyber attacks on exchanges worldwide is turned out to be a matter of great concern, Binance can actually help exchanges to implement the security and safety which would prevent any such incidents in the future.