eToro Crypto Trading Investment Platform Becomes First to Offer Binance Coin (BNB)
The BNB coin will be the thirteenth crypto coin added to the eToro platform. eToro is a global, multi-asset investment platform that has over ten million users. The addition of the BNB coin makes eToro the first platform that will offer the coin to investors and traders.
eToro is the First Investment Platform to Offer Binance Coin
BNB is an ERC20 token issued by the Binance exchange in 2017 during their ICO. The token is what powers the Binance ecosystem. Thus, the coin is used to pay the fees on Binance at a discount and on other partner apps within the ecosystem. The exchange plans to build a DEx that will be known as the Binance Chain. This Dex is going to be fueled by the BNB coin. There are 200 million BNB coins. Every quarter the Binance exchange buys and burns BNBs. They plan to keep burning BNB until there are only 100 million BNB left in circulation.
BNB Brings Diversity
Many investors are increasingly looking to diversity crypto holdings. The addition of BNB will ensure that eToro is even more attractive for investors in search of diversity. BNB is also going to be added to the eToro CryptoPortfolio. It will allow investors to diversify their crypto portfolio with just a click. The weighting of these coins is based on market cap. Like all crypto assets, investors that pick BNB on eToro will have full control of the underlying asset. eToro only acts as the custodian.
What the Leadership Had to Say
According to the CEO and co-founder of eToro, Yoni Assia, despite the many headlines about the end of crypto, his company still believes in the potential of crypto assets. This is also true for their clients, who are increasingly in search of ways to diversify their holdings. He said this is what prompted them to continue adding leading crypto assets. The CEO added that they were pleased to have added BNB to their platform.
He continued to say that as a regulated securities broker; they had the ability to offer utility and security tokens. Mr. Assia said that eToro fully supports moving assets over into the blockchain. They have also thrown their full weight behind securities tokenization. According to him, the future would see a major transfer of wealth onto the blockchain.
The CEO of Binance Mr. Zhao said that the exchange was honored and excited that BNB would now be on eToro. With the addition, the BNB coin will reach millions of people globally that have only known traditional finance their entire life. He said that as a utility token, BNB would create long-term value and utility. Mr. Zhao concluded that they were going to do that in cooperation with eToro.
eToro is a regulated investment platform in Europe. The Cyprus Securities and Exchange Commission regulate it in Europe. In the UK, the Financial Conduct Authority regulates it. The platform empowers investors to invest on their terms. Thus far, it has over 10 million registered users.