The exchange-backed Binance Coin is an example of crypto that is worth to take note of in the frequently bearish crypto market. However, the positive headlines recently with Binance coin comes from the most unlikely of quarters by the look of things.
Following the recent announcement by the famous Chinese exchange, Binance will seek to rewards users by doubling their referral commission bonuses if they meet certain conditions. In an official press release, BNB will have its potential Binancians get their referral commissions increased, with the mechanism set to occur on up to 40% of the accounts that hold 500 BNB coins or more. The referral program will start from 19th May 2018 (0:00 AM UTC) with the commission rate of the remaining users set to remain at 20%
How The Double Binance Referral Commission Works
The Binance exchange will have the existing users get to invite new friends to trade the Binance cryptocurrency through the Referral program. Once such as friend accepts the invitation and registers on Binance, the relevant user gets a share percentage of the individual’s trading fees as commission present in real-time
— Binance (@binance) May 18, 2018
What The Outcome Of The Binance Announcement
It is evident that the double commission mechanism is working positively for Binance coin and already evidence lies in the amount of profit the currency has gained over 24 hours with statistics indicating a 15.53% rise, and a price rate of $14.83. However, following the Binance allowance, there are plenty of skeptics stating that these are efforts by the Binance are only working to pump their coins. Overall the fact remains the announcement has had a positive effect on Binance's demand.
Rushing To invest In Binance?
As of writing, Binance's trading volume stands at $238 million, and this indicates a continued interest in the coin. Ultimately this could play a role in pushing the Binance coin price even further to go past the $15 mark. However, it remains uncertain if the upward trend with Binance will continue and it remains highly amusing to see how the double referral commissions bring a positive spin to the cryptocurrency market.