First year review report shows an exceptional performance by Binance
The first year review report of Binance has been outstanding, holding one of the leading positions among all crypto exchanges. Since last year, Binance Coin [BNB] valuation has been on a positive trajectory, despite the gloomy scenario in the crypto market. According to a report by BCFocus, Binance is also developing a plan to establish a bank in Malta to provide assistance to the crypto investors.
The customer support of this crypto exchange is class apart from the rest. This multilingual cryptocurrency exchange provides its services in 12 different languages. In the upcoming year, it is expected that further improvements would take place. In this context, the development includes conversion to Binance Chain.
Buyback & Burn system
One of the primary reasons for the high price of this crypto coin is due to the system of Buyback & Burn. In this procedure, 20% profit margin of Binance exchange of every quarter are directed towards purchasing back the coins. Once the crypto token is bought, they are again destroyed. This process continues till the time 50% of the entire Binance Coin [BNB] are perished. This is a strategy to decrease the supply of the token in the crypto space with an eventual rise in demand among the investors and enthusiasts.
See also: Can Binance help Tron reach $1 mark?
With the inception of Binance Exchange last year on 14th July, the crypto exchange has expanded continuously with major developments. As time progressed, the exchange developed itself by coming up with newer and more advanced form of platforms and products. It has designed relevant trading apps for being downloaded for a number of platforms.
Binance has an international presence with its angel investors and employees from 39 different nations. The development of this digital exchange is explicit by its relentless adding of token and trading pairs on the exchange platform. It has made a recent announcement in its blog about the token migration of VeChain. In the blog, the cryptocurrency exchange has also mentioned the beginning of the token swap along with its terms.
It has, indeed, been a considerable span of time that VeChain plans the launching of its mainnet following EOS [EOS] and TRON [TRX] suit. Like these two crypto coins, the previous tokens of VeChain [VEN] would be exchanged with the newer ones. The event would begin on the midnight of 22nd July, 2018.
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