BNB Coin (BNB) is now supported for trading and custody on digital assets platform Gemini (NASDAQ:GEMI). BNB Coin (BNB) is the native crypto token of the BNB Chain ecosystem. It had originally been issued by Binance back in 2017 and is commonly used for digital currency transactions, covering network fees, and applications built on BNB Chain.
Gemini further noted in a blog post that the BNB token has historically been used on the Binance platform for “certain fee discounts and promotional programs, subject to Binance’s terms and availability.”
Notably, BNB has already been supported on crypto exchange Kraken for quite some time now. Meanwhile, Coinbase has not yet added support for BNB token trading or custody (presumably due to competing interests). As most experienced crypto industry participants would know, there has not really been an altcoin season this year. The CoinMarketCap Fear and Greed Index has mostly centered around Fear or Extreme Fear for the most part. And the Altcoin season index remains depressed as well.
It is quite possible that the so-called Alt season, when smaller cap cryptocurrencies surge has finally come to an end. It could be the case that most traders and investors now have a better understanding of the overall dynamics of crypto tokens. Interestingly, major altcoins such as Cardano (ADA) have pretty much crashed from around $0.80 to around $0.39 at the time of writing.
Even Dogecoin (DOGE) has fallen from about $0.29 earlier to around $0.13. One of the few standout performers has been Tron (TRX), an altcoin backed by billionaire crypto entrepreneur Justin Sun. Amid the crypto market downturn, Binance Coin (BNB) has emerged as a rather solid altcoin due to its extremely resilient and fast-growing ecosystem, supported by Binance’s strong product development efforts in the crypto space.
More than likely, BNB Coin will be among the very few altcoin projects that will continue to perform well in the coming years. But for the most part, altcoins including even Litecoin have actually failed. In fact, Litecoin (LTC) founder Charlie Lee has recently admitted that starting this project was actually a mistake. He now recommends that people invest mostly in Bitcoin for the long-term.
Another popular narrative this year centered on privacy coins such as Zcash (ZEC) and Monero (XMR) that experienced significant price appreciation. However, this is most likely a temporary change in momentum and it is more likely that other larger cap coins begin to add some optional privacy enhancing features that would make such coins unnecessary.
Notably, another popular narrative this year has been centered on the threat of quantum computing to Bitcoin and other cryptocurrencies. However, Michael Saylor or Strategy had explained that this is not really a threat because crypto protocols would simply upgrade their software as needed to address and potential threat from the rise of sufficiently powerful quantum computers.