Binance has announced that it will be allowing users to trade the Civic token (CVC), which is Ethereum based, commencing 9:00 AM UTC. Users either have the option of trading CVC/BNB or CVC/BTC. As a result, the prices have tremendously gone up, namely, 24 per cent.
Civic uses a decentralized platform to allow businesses and individuals to better protect and have control over their own identity. With identity theft becoming a growing concern, their aim towards using a secure ID and reusable KYC, that promotes an easy-to-use, private and secure solution is much needed. Some of its features that many traders have desired includes a multi-factor authentication that neither requires a username, password, third-party or authenticator of sorts. Most importantly, CVC has been implemented in several platforms for trading and payment methods.
The release of CVC through Binance was announced through Twitter, as the well-known exchanged simply tweeted out: “#Binance Lists #Civic ($CVC)”. The price hike after the listing of a coin on any exchange has become a norm and is clearly depicted in Civic’s case.
Prior to Binance’s announcement, Civic’s market cap was sitting at $107 million and was valued at approximately $0.31. As of today, its market cap sits firmly at $147.7 million and is valued at $0.43. As this article is being written, the CVC/BTC has gone up to 4.27% and the CVC/BNB, 10.62%.
Several Twitter users were shocked at how such a growth was possible given the fact that the price surge occurred within 8 minutes of having announced it. Others are suggesting that it could be possibly due to internal trading done at Binance. This leads to the question as to whether or not traders will trust exchanges at this point!
For more information regarding the new listing, fees and any applicable rules, go to:
— Binance (@binance) May 28, 2018