Binance Exchange Adds Support For Two Monero (XMR) Trading Pairs With BNB And USDT
Binance Exchange Adds Support For Two Monero (XMR) Trading Pairs
Recently, the Binance crypto exchange confirmed the addition of two trading pairs involving Monero (XMR). The two, XMR/BNB and XMR/USDT, will become tradable as from March 15, 2019.
The exchange platform has certainly upped its efforts in recent times, entering many partnerships and releasing new products as well. Before this development, Monero was tradable against Bitcoin and Ethereum. The addition of the new pairs will surely excite users because XMR is the world’s leading privacy-centered digital currency.
This week, the market capitalization of XMR stood at $880 million. USDT and BNB, on the other hand, both have a market cap exceeding $2 billion. The launch of the trading pairs is expected to boost the value of each of three cryptocurrencies. Moreover, the budding trend of Initial Exchange Offerings (IEOs) will further promote the adoption of virtual coins.
Shortly after the announcement, XMR’s value soared by a small margin. The listing on the Binance exchange is the biggest development for the cryptocurrency since its hugely popular hard fork. The objective of the hard fork was to adjust the block size to enable scalability and reduce the vulnerability of the coin to malicious attacks.
After the hard fork, Monero's hash rate plummeted, with ASIC miners experiencing the biggest drops. The reported figure was around 80%. As a result, users expressed concerns over the effectiveness of the hard fork. Precisely, one user on Reddit claimed that the fork had shifted control from ASIC miners to hackers with bots.
That said, it looks like Binance will continue to hold its position as the number one digital trading platform in the world. After all, it was the first exchange to lower the entry requirements for crypto investors. Furthermore, the addition of Monero aligns with their mission of promoting decentralization.