Austrian cryptocurrency broker Bitpanda has revealed users of its app will be able to buy and sell Binance Coin (BNB) now listed on the platform as of Thursday, July 23.
Indeed, traders and investors who use the app to trade favorite digital assets on Bitpanda, such as fractional stocks, crypto, and commodities, may now add BNB to their portfolio, according to bitpanda.com.
BNB is one of the world’s top cryptocurrencies by market cap and has regularly set records. Currently, the digital asset is the fourth largest globally, with a market cap of $49,572,395,378.
Binance Coin is Binance’s ecosystem token; the firm moved BNB currency to its own Binance Chain in April 2019 after being released as an ERC20 token during an ICO in June 2017.
The supply of BNB coins is gradually reducing since it gets burnt on a quarterly basis. Binance recently completed the 16th quarterly BNB token burn which was 1,296,728 BNB (equal to $393,673,653.52).
Binance Chain is a blockchain software system that users may use to send and receive BNB, issue new tokens, burn, mint, freeze, and unfreeze tokens, and propose trading pairings of two distinct currencies. In addition, the chain also powers Binance Smart Chain, a blockchain that runs parallel with Binance Chain and has smart contract capabilities.
In general, investing in BNB has previously been exclusive to only a few other crypto exchanges that accept BNB’s home exchange Binance. However, BNB is becoming a highly sought-after token that has surged in popularity, particularly since January 2021.
Bitpanda expands listed coins
BNB was previously offered on Bitpanda as part of our Bitpanda Crypto Index products (BCI5, BCI10, and BCI25), but it is now also available for personal trading. This means you can set up a weekly, bi-weekly, or monthly savings plan for only BNB and even use it to pay at the grocery with the Bitpanda Card.
Additionally, in the near future, the Austrian exchange plans to offer deposit and withdrawal services for the asset.
In the wake of increasing regulatory scrutiny, Bitpanda listing BNB is further good news for Binance as the exchange has managed to continue to work with card payment service providers Visa (NYSE: V) and Mastercard (NYSE: MA). Given the scale of the payment providers, the firm retains a significant client base.
Moreover, in the face of the regulatory issue, the crypto exchange plans to double its worldwide compliance team, thus enabling the company to deal with greater regulatory scrutiny.
At press time, BNB is currently trading around $295.11, up 0.44% and 3.56% in the last seven days, according to CoinMarketCap.com.