The Poloniex altcoin exchange has just announced Binance coin (BNB) and Binance USD stabelcoin will now be available for trading on the platform as we are reading further in the upcoming Binance coin news.
As of the time of writing, BNB and BUSD wallets are now open for deposits so the users are able to trade BNB/USDT, BUSD/USDT, BNB/TRX, BTC/BNB, and BTC/BUSD. This will be the first BNB/TRX pair outside of Binance. BUSD is a price stablecoin pegged to the USD which was launched in a partnership with Paxos as an NYDFS approved and highly regulated stablecoin.
BUSD saw widespread adoption and became a top 50 market cap altcoin. The stablecoin also provides lowest interest rates for borrowing on the Binance Margin Trading platform and it is also considered an asset for cross collateral on Binance futures. BNB on the other hand is an example of an exchange token that has found a broader audience by listing on other exchanges such as Bitz, BitMax, and BKEX. BNB is a top 10 cryptocurrency in terms of market capitalization and can be seen as the most successful exchange token.
The Poloniex altcoin exchange is currently ranked at the 22nd spot in terms of trading volume of crypto exchange and has a daily average volume of $40-$45 million and 164 trading pairs after it added the BNB and Binance USD pairs. The major exchange initially launched in 2014 in January and was acquired by the syndicate of Asian investors related to Justin Sun, the founder of TRON. Circle also acquitted poloniex for more than $400 million two years ago and Poloniex has since skyrocketed in volume after listing multiple trading pairs and closing registrations to the US residents and citizens.
Poloniex listed TRON’s TRX as one of the very few assets on the exchange after the acquisition. Justin Sun has a close relationship with Changpeng Zhao, the Binance exchange CEO which also played the role of the future BNB and BUSD listings. Coinmarketcap released new rankings for trading pairs that take into account the visitor traffic on multiple exchanges to show the confidence level as to the stated liquidity or volume of the trading pairs. Circle’s stablecoin pairs are some of the most popular pairs on the exchange with a high confidence level in terms of liquidity.
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