Only one day left for the globally leading digital assets trading platform, Binance, for becoming a major public company. The company had years of experience of being a decentralized exchange whose services were top notch and appreciated globally. It was also one of those crypto trading platforms that had the privilege of issuing self-developed and issued digital coins.
Now recently an interesting has happened to Binance before becoming a public listed company. It has been found out by Binance that its native coin’s value has sparked immensely. Over the period of last week, in seven days only the value of BNB, which is Binance’s coin, has surged by 53%. With this instant surge, BNB has also left behind Ripple Labs’ digital coin XRP from the crypto ranking charts. Instead, BNB acquired XRP’s third position and is now part of the top three cryptocurrencies where Bitcoin is at the top and Ethereum at the second.
Binance is known as the leading crypto service provider at local and international levels. BNB was exclusively developed and launched by Binance itself. Its current market capital is hovering over US$ 87 Billion. Similarly, the market capitalization of Binance’s BNB is also currently the third-largest market cap in the world. The first two places are again held by Bitcoin and Ethereum where Bitcoin’s capital is above Trillion Collar and Ethereum’s at US$ 252 Billion.
For reaching third place, BNB has had to leave behind XRP as well as Tether, which both are now at 4th and 5th places.
It is said that the surge is because of Coinbase’s initiative of becoming a publicly listed company. This is why there was instant positive reflection towards Binance’s BNP in the crypto market.
But the surge was not seen by Coinbase alone. In fact, other crypto coins which have been issued by other prominently major crypto exchanges of the world too saw boosts. For instance, the native crypto coin of Uniswap saw a surge of 14% in a span of one day only. Similarly, a digital coin that has been produced by a firm called FTX is also showing positive surges, however, the value is increasing gradually.
It was confirmed by the Securities & Exchange Commission of the US that Binance’s public listing will be taking place on 14th April 2021. SEC lauded that US based-Binance isn’t only the world’s biggest but going to be the US’s first major publicly listed crypto trading platform. SEC also told that the present market value of shares belonging to Binance is over and above US$ 100 Billion.
When the approval of a public listed company will be issued to Binance, the company’s shares will be put for sale in public. It is said that becoming a public company would overall change the company’s structure.