Binance Starts Leveraging Its Crypto Exchange Popularity to Attract Ethereum Blockchain Developers
It is no secret that Binance has big ambitions. The company, which wants to upgrade its yearly revenue to around half a billion to a billion dollars this year, has now decided to take Ethereum’s place.
The Malta-based crypto made its competitors bite the dust and now the company is planning on overcoming Ethereum as the network in which people want to build their programs.
The Block Crypto has recently interviewed sources close to Binance that affirmed that Changpeng “CZ” Zhao, the CEO of the crypto exchange, is now trying to lure Ethereum-based projects to switch to Binance Chain-based projects in the future.
Binance, which was actually built on top of the Ethereum blockchain, too, has struck firm to its vision of creating a decentralized platform that will be one of the major ones in the world. Since the launch of the Binance Launchpad, which helps companies to launch tokens to an eager audience, the company is coming on even stronger with the possibility of spreading its business.
According to an insider source, the company hopes to entice other companies to join Binance Chain by using a listing on its platform as an incentive. If you know Binance, you can bet that this is a major incentive for most companies as this is, without discussion, the most important crypto trade platform in the world today.
With Binance, CZ was able to create his own global crypto empire and this can be very interesting for the investors, as they know how powerful a listing in the company can be for the price of their tokens.
The Influence of Binance
Binance is so influent that after the company decided to delist Craig Wright’s Bitcoin SV token, a retaliation to his toxic behavior with the community and for suing everybody who disagreed with him, many companies followed. There is no doubt that Binance is influent and that others follow its trends. You can just see how the Binance Launchpad was so hugely influential.
The crypto exchange is seen as the main liquidity center for traders, according to JZ Zeppetini, who leads listings for Decred. According to him, this is the go-to exchange and it has an established name that people they can trust.
Now, Binance is ready to use all this influence to convince people to migrate their projects to its chain. Some sources even claimed, according to The Block Crypto, that Binance offered special incentives for those who would migrate and threatened to delist tokens who were not there and had a volume of less than one million USD daily. Binance has not publicly responded to this.
It is not completely uncommon for big exchanges to try to sell some other products during listings, however, it does not bode well for Binance within the community to act this way, as some people would affirm that the delisting threats could be understood as blackmail and interference within the projects.
Their plan, however, is pretty clear: Binance is trying to move all possible projects to its own chain. Since Binance wants to transition and become a decentralized exchange, they need everybody to be on their Binance Chain if they want to be successful or they may end up losing money. Will they be successful? Let’s wait and see.