Binance Adds New Zilliqa Trade Pairs, Price Continues Dropping
- In a public announcement, the world’s leading cryptocurrency exchange surprisingly added Zilliqa to the list of cryptos that can be directly traded with Tether (USDT).
- Zilliqa’s price has been dropping ever since the crypto’s mainnet was launched successfully, partly due to lack of hype surrounding it and selloffs by swing traders who were hoping to sell at a profit during that event.
Binance surprised traders this morning, adding a new trade pair to Zilliqa – the cryptocurrency which launched its highly anticipated mainnet less than a month ago.
In a public announcement, the world’s leading cryptocurrency exchange surprisingly added Zilliqa to the list of cryptos that can be directly traded with Tether (USDT).
Zilliqa’s price has been dropping ever since the crypto’s mainnet was launched successfully, partly due to lack of hype surrounding it and selloffs by swing traders who were hoping to sell at a profit during that event.
The addition of a USDT trade pair did not make things better for holders, in stark contrast with Binance’s previous announcement from two days ago, when their expanded support for Holochain raised HOT’s price 20% almost instantly.
And while traders and holders have little to be happy about, this move from Binance appears to be in preparation for expected future interest in Zilliqa. Token swaps from the ERC20 token to a the first fully functional cryptocurrency mainnet that supports sharding are expected to begin in March, receiving full support from Binance.
And while the mainnet that still cannot be fully utilised by outsiders failed to drive hype, once the ecosystem becomes more open and the token swap events goes live, things might start to look different. With arguably the best scalability in decentralised mineable cryptocurrencies and an upcoming security token exchange, Zilliqa is the exact opposite of a dead project.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.