In the past 12 months, BNB has risen nearly 1,200 percent, outpacing Bitcoin and Ethereum.
After Bitcoin and Ethereum, the third largest crypto Binance Coin (BNB), issued by Binance, the world’s largest cryptocurrency exchange, has surpassed multiple global financial services players in market capitalization (m-cap). At a value of $ 88 billion, at the time of this report, BNB was larger than BNP Paribas which had an m-cap of $ 84.92 billion, SoftBank ($ 81.91 billion), Moody’s ( $ 72.60 billion), ICICI Bank ($ 69.03 billion), London Stock Exchange ($ 51.12 billion) and others, data from companiesmarketcap.com showed. BNB was trading at $ 527 on Monday afternoon with a 24-hour trading volume worth $ 1.2 billion.
BNB had 25 other companies in the general financial services space ahead of it in m-cap. Bitcoin has been the largest player in this segment with an m-cap of $ 890 billion, almost double the value of $ 471 billion from Visa and $ 467 billion from JP Morgan Chase. Ethereum was the fourth most valuable player on the financial services list with a cap of $ 454 billion after JP Morgan Chase, but significantly higher than Bank of America ($ 364 billion), Mastercard ($ 353 billion) , PayPal ($ 221 billion), Morgan Stanley ($ 176 billion), etc.
However, BNB, Ethereum, Bitcoin cannot be compared to physical companies, as cryptocurrencies are essentially digital currencies created on the peer-to-peer software system called Blockchain, while the latter are for-profit companies. “BNB is a utility token. It is used on Binance to pay fees, participate in token sales, and more. But more importantly, its use as a utility currency in Binance Smart Chain (BSC) makes it valuable. BSC has around $ 17 billion in total locked value, with some interesting DeFi protocols built on top of it. BNB is one of the few cryptos that works as both an exchange token and a utility token. We are also very optimistic about BSC and are looking to integrate various blockchain tokens on our exchange in the coming days, ”Darshan Bathija, CEO and co-founder of Vauld told Financial Express Online.
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In the past 12 months, BNB has risen nearly 1,200 percent from $ 41 in early 2021, outpacing Bitcoin and Ethereum, according to data from CoinGecko. The growth rate in the price of BNB was higher than around 63 percent growth in Bitcoin and roughly 420 percent increase in Ethereum last year. BNB had peaked at $ 675 in May of last year before falling to $ 261 towards the end of May.
“I see a value that Binance brings as an exchange and BSC brings as a blockchain. The common currency among them is BNB. If the exchange and blockchain do well in 2022, so will the currency. Given the popularity of BNB, we are integrating BNB with features such as fixed deposits, loans and loans in Vauld, ”added Bathija.
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After Bitcoin, Ethereum, this altcoin is now bigger than SoftBank, Moody’s, ICICI Bank, others