BNB Price Spikes 20% as Binance Announces On Its Own Blockchain

TL;DR

Binance Coin (BNB) is currently experiencing a huge price surge as a result of the recent announcement by Changpeng Zhao, the exchange’s CEO. In his announcement, Zhao reveals Binance’s plans to launch its own blockchain platform, called Binance Chain.

Immediately after the announcement was made on Tuesday, Binance Coin (BNB) skyrocketed, and is still growing. The coin price is currently at $6.15, with a growth of over 11% in the last 24 hours.

Zhao added that Binance Chain would be launched very soon, likely in early 2019. He predicts that the team should not take more than a few months to get it ready for work. Furthermore, he has also revealed some of the possibilities that the chain will bring, such as the ability to issue new tokens, and make the crypto space grow even more significant than it is today.

CZ: Crypto space has yet to grow

Zhao believes that the crypto space is still at the beginning of its development, with the possibility of thousands of blockchains and millions of coins existing at some point in the future. Zhao stated this during his speech on a “Decrypting Blockchain for Business” conference, which was a gathering of Asia’s wealthiest businessmen and families.

The event was organized to help Asian economy influencers understand blockchain, cryptocurrency, and potential implications of these technologies. It is noteworthy that he did not mention anything about Binance’s plans to launch its own blockchain on this occasion.

The possibility of Binance developing its proprietary blockchain was initially revealed back in March. On this occasion, it was also announced that Binance plans to launch a decentralized exchange. Zhao then revisited the idea of a decentralized exchange in August, when he showed a demo-version of it. However, none of this was mentioned during the Decrypting Blockchain for Business conference.

As mentioned, BNB reacted to this announcement immediately, as it surged over 20%, and is currently valued around $6.5, with a trading volume of $55 Million. At the time of writing, its market cap is slightly over $835 million. This is still far from the $2.5 Billion all-time high of BNB.