Binance CEO Claims Ethereum (ETH) Works Better Than Binance Coin (BNB), Wants Both to Grow
Binance has been in the news over the past months due to different developments related to its exchange and products released to the market. One of these things is related to the fact that Binance launched its own blockchain network and it will be moving its digital asset BNB to the new chain. Some experts believe that this could have an impact on the Ethereum (ETH) network, the largest blockchain for decentralized applications (dApps) and smart contracts.
Could BNB And Binance Chain Really Harm Ethereum?
In a recent tweet uploaded by @TheGemClub, he says that BNB is going to have “a devastating effect on ETH and send it back to double digits.” He went on explaining that there is almost no benefit of choosing Ethereum over Binance chain more than because of its decentralization. As he said, projects that move to Binance Chain will receive a lot of attention, they will be listed on Binance and more.
However, Changpeng Zhao, the CEO and founder of Binance explained that although he likes the positivity for Binance Coin that there is in the market, he believes that Ethereum can still do much more than Binance Coin in features. He is also calling both communities to work side by side and grow the ecosystem together.
— CZ Binance (@cz_binance) April 22, 2019
Binance has been working on its blockchain network that was announced back in 2017. At the same time, Binance launched its own decentralized exchange (DEX) that will allow users to take care of their assets while trading rather than depending on a centralized platform that, although it has never been hacked it has higher chances of harming users in case of an attack.
According to Weiss Ratings, a recognized independent rating agency, Binance Coin is leading the market and asked whether the digital currency could become the new Bitcoin (BTC).
Binance Coin has been performing very well over the last few months. The digital currency moved from $4.5 in December 2018 to over $25 a few days ago, reaching an all-time high after a bear market that started back in January 2018.
At the time of writing this article, Binance Coin is the 7th largest digital currency in the market. It has a market capitalization of $3.17 billion and each coin can be purchased for $22.42.
Clearly, the Binance Chain will be helping the exchange and company to expand in the market. Also, with the Binance Launchpad, a platform for projects to launch their tokens and reach exposure to investors and interested users.