Binance coin (BNB) goes ballistic after Changpeng Zhao announces the launch of proprietary blockchain

BNB gains 25% in a matter of hours.
Binance is going to have its own blockchain and decentralized exchange.

Tanya Abrosimova Independent Analyst

BNB, a native token of cryptocurrency exchange Binance, gained 25% on Tuesday after the company's founder and CEO Changpeng Zhao announced the decision to launch a blockchain platform Binance Chain.

"We are launching Binancechain very soon, in a couple of months or so, and you will be able to issue tokens on that...I think there will be millions of coins and thousands of blockchains," he said speaking at “Decrypting Blockchain for Business" conference organized by Forbes Asia.

The event was positioned as a gathering where Asia’s wealthiest families can learn the business of blockchain. Interestingly, the official reporting on the conference does not contain the information about the upcoming Binance Chain. However, Michael del Castillo, the author of the material, published Changpeng Zhao's announcement in his personal Twitter account.

Binance revealed the plans to develop the proprietary blockchain and the decentralized cryptocurrency exchange back in March. In August Changpeng Zhao showed a demo-version of Binance-based decentralized exchange; however, it was not mentioned during Forbes conference in Asia.

Anyway, the news triggered a strong buying interest and pushed Binance coin above $6.0. It peaked at $6.2 and retreated to $6.04 by the time of writing, gaining over 11% since this time on Tuesday. BNB takes the 13th place in the rating of cryptocurrency assets provided by CoinMarketCap.

Author

Tanya Abrosimova

Independent Analyst

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