When Forbes speaks about wealth, the world tends to listen. This latest publication may be the biggest marketing strategy for Binance exchange and Binance Coin (BNB). This Wednesday, February 28th, the company is releasing the much anticipated Forbes issue of the most successful crypto billionaires in the world. The cover page dons Binance cryptocurrency exchange creator, Changpeng “CZ” Zhao.
Currently, the 41-year old is worth over $2 billion given his stake in the company and some amount of Binance Coin (BNB) he owns. This places him third on the Forbes’ 2018 Crypto Rich List, but way off Ripple co-founder, Chris Larsen whose stake of 5.2 billion XRP make him worth close to $10 billion. XRP benefited from this new technology that JP Morgan is taking up after several meetings with the Ripple executives. Similarly, this new issue may well benefit BNB equally as well with over a million copies set to be sold all over the world.
Who is CZ_binance?
He is the lead developer and founder of the world’s largest cryptocurrency exchange, Binance and is also known as cz_binance on Twitter. CZ is a fun and less formal CEO that we see on a day to day basis. He is known to keep his social pages interactive and makes most announcements through his Twitter handle. Zhao has worked in various respected firms in the industry such as Bloomberg, Blockchain wallet and Fusion Systems. In 2015, he founded an exchange systems provider, Bijie Tech with offices in Shangai and Tokyo.
“If you had asked me a month ago when we would hit the number one spot. I might have answered six to nine months. If you had asked me about unicorn status, I might have thought the same period. This growth has surprised even me.” -CZ, CEO Binance
Binance Coin (BNB)
Binance Coin is barely a year into the high growing ICO portfolio and the token is currently trading at over $10. Binance plans on regulating the BNB tokens by a limit cap of 200 million; this is relatively low compared to the number of tokens or coins mineable in other cryptocurrencies.
The BNB ERC20 token was launched to facilitate cheap payments within Binance, rebates are offered to users in the platform for transacting with the BNB token.
This will incentivize users to use BNB whose value will reduce over time as Binance plans to reduce the fee rebates gradually. Over 100 million BNB tokens will eventually be destroyed to counter the depreciation.
“Binance traders are offered a 50% discount for transaction fees on Binance made in BNB.”
Binance Coin (BNB) is among the top 30 coins in market cap which signifies its strong presence in the crypto market besides being a leading coin exchange. The BNB token was struggling to reach $3 six months ago but has managed to increase by over 150% between the bull market towards the end of 2017 and the bearish crypto market that saw Bitcoin drop to below $10,000 recently.
Volatility is not foreign to BNB or any other cryptocurrency, Binance Coin (BNB) has had over 65% volatility within the last fifty days which ranks it at 47th out of 55 Small Cap tokens in volatility. Binance has a liquidity ratio of 8.15% with an average trading volume of $57.09 million per day. The token is currently comfortable at the over $1 billion mark