Binance Reopens Community Coin Voting
Binance once again turns to the crypto community to select the next asset for listing.
Binance has reopened its community coin program, promising a monthly competition with completely new rules. The most recent projects presented come with a prize for active voters. Binance agreed to revive its “Community Coin of the Month” on overwhelming social media demand.
The two assets facing off are NKN (NKN) and Vidy (VIDY), with the vote ending on October 11. Whichever coin wins, Binance will distribute a reward of 7,000 Binance Coin (BNB) to its backers, along with pools of either NKN or VIDY.
The voting is open to those that hold BNB balances on the exchange, similar to the participation in IEOs on Binance Launchpad. The minimum BNB balance is 50 coins, though holders of above 500 BNB are limited to a weight of 10 votes.
Binance has also started adding new coins, after a recent round of purging inactive trading pairs. Binance.US recently added two hot assets, Chainlink (LINK) and Ravencoin (RVN):
Additionally, Binance has opened staking for two of its IEO projects, Elrond Network (ERD) and Fetch.AI (FET).
Following the recent bout of positive news, BNB is up more than 10% this week, to $17.35. The asset was presented as being a utility coin, with multiple use cases.
BNB is also listed on the US branch of the exchange, despite the potential to fit the definition of an unregistered security. Initially, BNB was mostly used to pay fees. Now, the asset is instrumental to Binance Launchpad, Binance DEX and the native blockchain, and participates in Binance Lending instruments. BNB is also used by Binance’s fiat-to-crypto partners, to offer a ramp for trading on the leading exchange.
Additionally, BNB is suggested as an asset for cross-border payments, salary disbursements and e-commerce. Binance also pointed out the asset is included in the storage of some of the latest phones by Samsung and HTC.