Binance’s volatile token, BNB or Binance Coin, after the most recent update, achieved a record within the company’s blockchain. Among all the platforms available for trading, Binance Coin recorded a transaction volume that exceeded 1 billion tokens for the first time.
The movement was detected by monitors such as CoinMarketCap, at the same time that the sale value of the cryptocurrency soared. These moves were a result of the launch of the new Blockchain verification system, called Binance Account Bond (BAB), used to verify KYC. Some BNB wallets such as Guarda registered, at the same time, an increase in the number of purchase operations in favor of Binance Coin.
What Is BAB Used For?
The new BNB verification system: BAB, is responsible for the price of the cryptocurrency soaring 6% in the market since it offers a practical application. It allows you to perform what is known as KYC (Know Your Customer) verification, to create different projects on the mother platform of BNB, that is, on Binance.
It is a function that allows the prevention of money laundering, so, it could be said, that BNB has become much safer now that the update of this system has been released. In addition to this, those who want to carry out projects through the BNB blockchain will be able to do so directly, faster, and with a much more reliable system to verify their identity.
According to Changpeng Zhao, general director of Binance, the new function of BAB as a token does not collect any useful data, that is, it respects the privacy of BNB users, and the system will only be in charge of verifying that the holder of the account in question has passed all Binance KYC checks to be able to use the Blockchain.
Binance Coin Is Among The World’s Leading Cryptocurrencies
Currently, Binance Coin is in fifth place among the cryptocurrencies with the highest market volume, according to data provided by CoinMarketCap. The first 5 are, in this order, Bitcoin, Ether, Tether, USD Coin, and BNB. Just below it is, in sixth place, the Binance stablecoin, called Binance USD or BUSD, which is pegged to the dollar and has currently surpassed stablecoins such as XRP, which at the time was the main one within this group of crypto assets anchored to the dollar.
The world of cryptocurrencies is constantly changing, and assets go through different periods of volatility, from which new investment options often emerge. Currently, volatility is relatively low and many of the so-called “Altcoins”, that is, alternative cryptocurrencies to Bitcoin, as is the case with BNB itself, are gaining relevance. Currently, in terms of technology, Bitcoin is lagging, even more so when altcoins such as Ether and its Blockchain, Ethereum, are making significant changes that could make them much more profitable in the future, it is said of the so-called “Merge” in which the system of mining of this cryptocurrency will become much more efficient.
The market, however, seems to insist on staying “anchored” to the value of Bitcoin, maintaining the apparent temporary stability that has been experienced during the current quarter, after which a new boom is expected.