Coinomi Crypto Wallet Adds Binance Coin (BNB) After Partnership with Binance DEX
Coinomi, one of the earlier cryptocurrency wallets, announced late last week its partnership with Binance Decentralized Exchange (DEx). The partnership announcement on Twitter further showed the excitement and positivity from Coinomi development given the magnitude of Binance exchange in the cryptocurrency industry.
The tweet reads,
“Excited to announce that #Coinomi now provides native support for @binance's $BNB Main net across all platforms!! Over the next few days you will also be able to access #Binance's #DEX platform and trade in @Binance_DEX from within your wallet!!”
Binance cryptocurrency exchange has grown to be one of the largest (if not the largest) digital asset exchanges in the world. The company has branched out to form new causes for the cryptocurrency ecosystem including Binance Chain (the main net), Binance DEx, Binance Charity and other crypto related segments. Coinomi will support the native cryptocurrency from Binance, the Binance Coin (BNB) and traders will be able to make trades and store their BNB coins on their wallet.
Binance DEx is a decentralized cryptocurrency exchange that aims to solve the persistent problems affecting decentralized exchanges including, latency, liquidity, and vulnerabilities of algorithm trading exploitation through front running. The addition of BNB and integration of the Binance Chain, Coinomi provides a new market for Binance to grow into and solve the problems.
BNB is gaining the attention of crypto investors as the coin continues to break YTD records among the top 100 coins. Looking at the start of the year, BNB traded at $6 USD per token, a figure that has grown to $21 today representing over 250% increase in price since January.
The Launch Of The Binance DEx
The Binance coin (BNB) announced in the past few days its migration from the ERC 20 token standard to the BEP-2 to become the native asset on Binance Chain. The move culminated with Binance announcing the launch of the Binance DEx after a two month testing period.
The appreciation of the Binance Chain is growing far and wide as experts tip the platform to give Ethereum a run for its money. However, CZ refutes these claims as he sees the two blockchains as complementary rather than competitors. Binance Chain will offer its users an efficient, fast and scalable platform to deploy their decentralized apps (dApps).
The main function of the released main net is to offer the Binance community a platform to grow the ecosystem and their community as well. A couple of projects have already switched for the Binance main net and more are expected to join the platform in the coming days.
With the cryptocurrency industry focused on global adoption of the technology, Binance chain plays a huge role in ensuring peer to peer payment systems are developed across the globe. The goal of global cryptocurrency adoption is driving Binance towards crowdsourcing to fund the development process.
Binance coin (BNB) is the native cryptocurrency used on all Binance subsidiary platforms and the exchange.